SAN BERNARDINO, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has arranged a $15.2 million interim bridge loan on behalf of Alliant Strategic Investments (ASI) to acquire Village Green Apartments, an affordable housing property in San Bernardino. Woodland Hills, Calif.-based ASI is an investment firm focused on the acquisition and preservation of affordable and workforce housing in urban markets throughout the United States.
Situated on 22 acres, Village Green Apartments features 184 units in a mix of one- and two-bedroom layouts. Community amenities for the pet-friendly property include private backyards and two swimming pools.
Additionally, KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group is arranging permanent financing — a Federal Housing Administration 223(f) mortgage through the U.S. Department of Housing and Urban Development — for ASI. The term of the Housing Assistance Payments Contract on the property will be extended.
Hector Zuniga of KeyBank’s CDLI and Paul Angle of KBREC’s Commercial Mortgage Group structured the financing.