Maison’s Palmdale, an affordable housing development in Palmdale, has received $55 million in financing.
Merchants Capital secured the funding, which included a $31.6 million construction loan from Merchants Bank of Indiana and $24 million in permanent financing from a 4% Low-Income Housing Tax Credit (LIHTC) Fannie Mae Forward Commitment and Fannie Mae Permanent Loan.
WNC & Associates is the LIHTC investor for the project.
“WNC is thrilled to be partnering with (developer) Ravello Holdings in providing much-needed affordable housing in Los Angeles County,” Jessica Captanis, vice president of originations at WNC & Associates, said in a statement. “The innovative design of these single-family homes to create a garden-style community living experience for residents is especially noteworthy to us. We look forward to replicating this model on future developments together.”
The project, according to Merchants Capital, is the first in the state to be developed using new legislation allowing greater lot size density.
Once completed, the project will have 118 detached housing units. It will have three-bedroom and two-bedroom units. The three-bedrooms have a two-car garage.
Of the 118 units, 36 are reserved for residents earning no more than 50% of the area’s median income and 81 are for residents earning no more than 60% of the area’s median income. One unit will be for the building manager.
“Serving as the financier for this project shows Merchants’ commitment to advancing affordable housing across the nation,” Marsha Goff, an executive vice president at Merchants Capital, said in a statement.
“By capitalizing on the new zoning laws, we were able to maximize the development, bringing even more affordable housing options to such a desirable living area. We are grateful to have had the opportunity to work as a partner on this development, and we are excited to see continued growth in the affordable housing market across the state of California,” she added.
The project is being developed by Sawtelle-based Ravello Holdings Inc. and partner Beverly Hills-based Ascenda Capital.
“We are very excited to be moving forward with the project and strongly believe in our mission to provide residents in the City of Palmdale with high quality affordable housing,” Matt Avital, principal at Ascenda Capital, said in a statement.
“This development is unique because we will be providing each of our residents with a private backyard, a private entrance, and luxurious shared amenities at an affordable price. We strongly feel that our project will positively impact the Palmdale community and are looking forward to a successful development,” he added.
