Ravello Holdings has secured $69.7 million in financing from KeyBank for the development of Maison’s Village, a 170-unit affordable housing community in Palmdale, Calif. WNC also backed the project with a $31 million equity investment.
The financing from Keybank comprises a $45.2 million construction loan and a $24.5 Freddie Mac tax-exempt permanent loan. Senior Vice President Matthew Haas and Vice Presidents Keven Ruf and Jonathan Woodland of KeyBank structured and arranged the financing on behalf of the developer.
The community, situated on an 18.8-acre site, will offer 73 three-bedroom, 71 two-bedroom and 27 one-bedroom units. Each apartment will feature high-end finishes and washers and dryers. The three-bedroom units will also feature a two-car garage. Property amenities will include a recreation room, fitness center, pool, leasing office and park.
All units will be set aside for households earning between 30 and 80 percent of the area median income, with the average households earning 58 percent.
Last July, Ravello Holdings secured another $55 million in financing for the development of Maison’s Palmdale, also in Palmdale, Calif. According to public records, Ravello Holdings bought several parcels in Palmdale in November 2021.
According to Yardi Matrix, the San Fernando Valley-Ventura County and East LA County markets accounted for roughly 38 percent of the pipeline in 2021, with multifamily deliveries continuing at a healthy pace.