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11/13/20
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Pacific West Communities, out of Idaho, has obtained $22 mil in tax-exempt and taxable bond financing for the $28.7 mil construction of a 75-unit affordable housing property in Brawley, CA. The financing was provided by America First Multifamily Investors L.P., an affiliate of Greystone.
The construction financing has a 24-month term and paydown of tax credit equity, and additional equity from a low-income housing tax credit investor. The project will be funded by $15 mil in tax-exempt bonds and $7 mil in taxable bonds, to be privately placed with America First Multifamily Investors.
The planned property, Ocotillo Springs Apartments, will provide low-income housing for residents meeting 30-60% Area Median income (AMI). The apartment complex, to be comprised of four three-story buildings, is intended to be net-zero-energy and is funded in part by a grant received from the State of California’s Greenhouse Gas Reduction Fund in 2019.
The property will include a 3k sf community building with test kitchen, lab, playground, swimming pool, bike storage, fitness center, and BBQ areas. The Town of Brawley is located in Imperial County approximately 130 miles due East of San Diego.
“This transaction for Pacific West Communities ensures that new affordable housing will be added to the depleted stock we have today in the U.S., and it also illustrates the importance of the 4% tax credit,” said Frank Bravo, senior vice president and originator at America First Multifamily Investors.
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