KeyBank Provides $41M for California Affordable Project

2 min read

The 80-unit property will also offer supportive housing.

Finca Serena. Image courtesy of KeyBank Community Development Lending and Investment

A partnership between UPholdings and nonprofit Self-Help Enterprises has secured a financing package totaling $40.6 million for Finca Serena, an 80-unit affordable and supportive housing project in Porterville, Calif. The property will serve formerly unhoused as well as low-income residents.

The partnership acquired the vacant land for the development in late October, according to Tulare County records. Construction is expected to wrap on the project in 2023. The co-developers have selected R.L. Davidson Inc. to design the community, while BJ Perch Construction will serve as general contractor.

Funding the project

KeyBank Community Development Lending and Investment provided the funding, which includes a $23.1 million construction mortgage, $15 million in equity through the purchase of low-income housing tax credits and a $2.5 million permanent loan.

KeyBank CDLI’s Senior Vice President Matthew Haas and Vice President John-Paul Vachon have structured the financing. In August, Vachon was part of another KeyBank team that provided $46.8 million for a more than 250-unit affordable development in Whitestown, Ind.

Additional financing includes a $17 million loan from the California Department of Housing and Community Development through the California No Place Like Home and the HOME programs.

Finca Serena

The development will take shape on 3 acres at 358 S. E St. and will feature 44 one-bedroom, 18 two-bedroom and the same number of three-bedroom apartments. A total of 39 apartments will be reserved for residents earning up to 60 percent of the area median income and 39 will serve those earning between 15 and 30 percent AMI. The community will also provide supportive services offered by the County of Tulare.

Finca Serena will encompass two three-story buildings that will include five laundry facilities, a computer lab, a community room outfitted with a kitchen, a playground and picnic and barbecue areas.

The development is less than 2 miles from Porterville College and Sierra View Medical Center, while downtown Porterville is a mile away. In the Inland Empire, another public-private partnership has recently broken ground on a $31 million affordable project. This development is also slated for completion in 2023.

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