A partnership between UPholdings and nonprofit Self-Help Enterprises has secured a $ 40.6 million financing package for Finca Serena, an affordable and supportive 80-unit housing project in Porterville, California.
The partnership acquired the vacant land for development in late October, Tulare County records. The construction work is expected to be completed in 2023. The co-developers selected RL Davidson Inc. to design the community, while BJ Perch Construction will act as general contractor.
Financing the project
KeyBank Community Development Lending and Investment provided the financing that includes a $ 23.1 million construction mortgage.
Matthew Haas, Senior Vice President of KeyBank CDLI, and John-Paul Vachon, Vice President of KeyBank, structured the funding. In August, Vachon was part of another KeyBank team that raised $ 46.8 million for affordable development with more than 250 units in Whitestown, Ind.
The additional funding includes a $ 17 million loan from the California Department of Housing and Community Development through the California No Place Like Home and HOME programs.
The development will take shape on 3 hectares at 358 S. E St. and will include 44 one-room apartments, 18 two-room apartments and an equal number of three-room apartments. A total of 39 apartments will be reserved for residents earning up to 60 percent of the median income of the region, and 39 apartments will be reserved for those earning between 15 and 30 percent AMI. The municipality will also provide support services offered by the Tulare County.
Finca Serena will consist of two three-story buildings that will include five laundries, a computer room, a common room with kitchen, a playground, and picnic and barbecue areas.
The development is less than two miles from Porterville College and Sierra View Medical Center, while downtown Porterville is one mile away. At the Inland Empire, another public-private partnership recently laid the foundation for an affordable $ 31 million project. This development should also be completed in 2023.