Ravello Holdings gets $101 million for affordable housing in Los Angeles
Ravello Holdings secured $69.7 million in funding from KeyBank for the development of Maison’s Village, a 170-unit affordable housing community in Palmdale, California. WNC also supported the project with a capital investment of $31 million.
Keybank’s financing includes a construction loan of $45.2 million and a permanent tax-exempt loan from Freddie Mac of $24.5. Senior Vice President Matthew Haas and Vice Presidents Keven Ruf and Jonathan Woodland of KeyBank structured and arranged the financing on behalf of the promoter.
The community, located 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. Three-bedroom units will also include a two-car garage. Property amenities will include a recreation room, fitness center, swimming pool, rental office and park.
All units will be reserved for households earning between 30 and 80% of the zone’s median income, with average households earning 58%.
Last July, Ravello Holdings secured an additional $55 million in financing for the development of Maison’s Palmdale, also in Palmdale, California. According to public records, Ravello Holdings purchased several plots in Palmdale in November 2021.
According to Yardi Matrix, the San Fernando Valley-Ventura County and East LA County markets accounted for about 38% of the pipeline in 2021, with multifamily deliveries continuing at a healthy pace.