Ravello Holdings has secured more than $55 million in financing for Maison’s Palmdale, a 118-unit affordable development in Palmdale, Calif. Merchants Capital provided the funding for Ravello, its development partner Ascenda Capital and LIHTC investor WNC & Associates.
The financing package includes a $31.6 million construction loan from Merchants Bank of Indiana and $24 million Fannie Mae loan. The latter was funded through a 4 percent Low-Income Housing Tax Credit Fannie Mae Forward Commitment.
Maison’s Palmdale will have two- and three-bedroom apartments. While the latter will provide a two-car garage, the former offers access to a designated parking space. The development will provide its residents with a private backyard, private entrance and various community amenities.
The community will take shape at the northeast corner of 65th Street East and East Avenue South, on several parcels acquired by Ravello in November, according to public records. The garden-style community will be situated roughly 40 miles north of downtown Los Angeles.
The fully affordable property will reserve 36 units for residents earning 50 percent of the area median income or below, while 81 units are available for those earning no more than 60 percent AMI. The last apartment will serve as housing for the property manager.
Yardi Matrix data shows, that the San Fernando Valley – Ventura County metro is one of the top California markets for multifamily deliveries. Currently, less than 5 miles from the property another multifamily property is planned. Once completed Palmdale Terrace will offer 151 units.