California + Bay Area + Apartments | January 10, 2023

KeyBank Provides $44M in Loans for NorCal Affordable Housing Project

KeyBank Provides $44M in Loans for NorCal Housing Project

KeyBank Community Development Lending & Investment (CDLI) has provided $44.2 million of financing to affordable housing developer Pacific West Communities to fund the new construction of a 48-unit project in Plumas Lake, CA. Called River Oaks Family Apartments, the development, which will include a mix of two- and three-bedroom units, will serve low income families at 30%, 40% and 50% of Area Median Income. Plumas Lake is located about 30 miles north of Sacramento, CA.

In addition to CDLI’s $44.2 million in financing, the California Department of Housing & Community Development, the Regional Housing Authority and Yuba County are providing about $9 million in loans as well. Project sponsors include Pacific West Communities, Inc. and Building Better Partnerships.

CDLI also provided $22.2 million of financing for another affordable housing project from Pacific West Communities in Wasco, CA, near Bakersfield. The firm’s Becca Ickowicz and Jeremiah Drake structured the financing for both developments.

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KeyBank CDLIThe California Department of Housing & Community Development

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.