8181 Allison Apartments

Overview

Deal Type Construction
Size $42.8 Million
Construction Loan

Summary

KeyBank Community Development Lending & Investment has provided a $31.9 million construction loan and a $10.9 million bridge loan to USA Properties Fund, Inc. for the development of an affordable housing project in La Mesa, CA. KeyBank’s Jeremiah Drake and Kevin Ruf structured the financing on behalf of the borrower.

The project, 8181 Allison Apartments, will consist of 147 one- and two-bedroom units plus a two-bedroom Manager apartment, and meet restricted requirements of 30%, 50% and 70% of the AMI. In addition, residents will have access to onsite social services to assist in income, employment, and stabilization.

In addition to the KeyBank financing, the development received a $25.3 million federal LIHTC from WNC and $7 million in subsidy financing and $20.7 million in permanent financing from the California Housing Finance Agency Mixed Income Program. The City of San Diego also provided a 65-year, cost free lease of the land, valued at nearly $7 million.

Recent Deals

July 2025

kodiak

a portfolio company of

courtsquare

divested

kodiak partner

to a

Private Investor Consortium

Exclusive Sell-Side Advisor

kodiak-interiors-group-llc
July 2025

beacon

acquired

ascension borgess

from

ascension

Financial Advisor

beacon-health
July 2025

a portfolio company of 

and

$1.815 Billion

Senior Secured Credit Facilities

$900 Million

8.50% First Lien Secured Notes due 2032

Joint Lead Arranger
Joint Bookrunner

radiology-partners
June 2025

allied

$245 Million

Senior Secured Credit Facilities

Debt Advisor

allied

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