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$16.333 million financing secured for Santa Rosa affordable housing project

in Housing

JLL Capital Markets announced that it has arranged the $16.333 million construction financing of The Cannery at Railroad Square, a 129-unit affordable housing project located in Santa Rosa, California. This transaction marks the first Freddie Mac non-LIHTC loan completed in conjunction with the state of California’s Housing Accelerator Funds.

JLL worked on behalf of the borrower, The John Stewart Companies and Pacific Housing to secure the 15-year, fixed-rate loan through Freddie Mac Targeted Affordable Housing (TAH). The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

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USA Properties Starts Construction of 164-Unit College Creek Affordable Community in Santa Rosa, California

in Community

SANTA ROSA, CALIF. — USA Properties Fund has started construction of College Creek, an affordable multifamily community for a range of income levels in Santa Rosa. Completion is slated for fall 2023.

Located at 2150 W. College Ave., the 164-unit property is close to downtown Santa Rosa, large shopping centers, healthcare providers and several schools. The community will be available for low-income residents that meet an expanded range of income limits established by the Tax Credit Allocation Committee. Renters earning 30 percent to 70 percent of the area’s median income could quality for residence at College Creek.

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