Ravello JV Lands $58M for Affordable BTR Project in California
Keybank provided the construction loan.
A joint venture between Ravello Holdings and Affordable Housing Access has secured a $58 million construction note for Maison’s Village II, a 191-unit affordable build-to-rent project in Palmdale, Calif. KeyBank issued the financing.
The debt entered a capital stack including a $30 million permanent loan from California Housing Finance Agency, as well as $1.6 million soft financing from the same entity and $36.8 million in LIHTC equity provided by WNC & Associates.
Maison’s Village II will encompass one- to four-bedroom homes catering to residents earning at or below 30, 50, 60 and 70 percent of the area median income, averaging at 59.7 percent of AMI.
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Common-area amenities are slated to comprise a swimming pool, gym, business center, basketball court, playground and paseo areas. The homes will rise one story, featuring a wood frame construction with vinyl siding and pitched roofs.
Located on nearly 19 acres at the confluence of Bell Avenue and Hudsonia Street, the site is about 64 miles northeast of downtown Los Angeles. A roughly 300,000-square-foot retail center, as well as several parks, can be found within walking distance.
Ravello’s affordable BTR endeavours
Keybank also issued a $69.7 million financing package for Maison’s Village phase one, a 171-unit affordable BTR community. The property came online last year, according to Yardi Matrix data.
What’s more, Ravello developed another affordable BTR property, roughly 2 miles away from Maison’s Village I and II, dubbed Maison’s Palmdale. This 118-unit community came online in 2023, the same source shows.
Affordable BTR development ramps up
Ravello isn’t the only developer building affordable BTR communities. In the neighboring state of Arizona, Lincoln Avenue Communities partnered with WNC & Associates to break ground on its first-ever such project, dubbed The Ranches at Gunsmoke. The 271-unit development rises in Maricopa, Ariz., and it is expected to debut next year.
Also in Maricopa, Dominium broke ground on Saddleback Village at Stonegate, the developer’s first affordable BTR project in metro Phoenix. Encompassing 215 units, the community is slated for completion in 2026.
