Tiburon Place

Overview

Deal Type Construction
Size $53 Million
4% bond LIHTC and State Housing Equity

Summary

Tiburon Place is a new construction, affordable housing development that will serve low-income family households, located in San Luis Obispo (SLO), CA. The property consists of two three-story residential buildings, one residents’ community center, and 69 carport parking spaces, situated on a 2.11-acre of land. The residential buildings will house 68 units with a mix of 18 studios, 24 one-bedroom, and 25 two-bedroom, units at an average of 572 square feet.

Tiburon Place will offer units for individuals and/or families that fall within the 25%, 30%, 40%, 50%, and 60% AMI income levels. The former, served at the 25% and 30% AMI levels, include a number of units that are part of California’s permanent supportive housing program. KeyBank Community Development Lending and Investment (CDLI) provided $30.3 million in construction and perm debt and $23 million in federal and state housing equity. Other sources include CA HCD, who provided $6.4 million through No Place Like Home and the City and County of SLO who provided just under $2 million.

The primary philosophy shaping this project is the ‘Housing First’ approach, based on the principle of providing a stable living environment. In addition to this being permanent housing, supportive services are provided that will help households independently maintain their housing. Services are provided by People’s Self-Help Housing and local service provider partners.

The project is sponsored by People’s Self-Help Housing Corp (PSHHC), the longest serving nonprofit housing developer on California’s Central Coast, with a mission to build affordable homes that offer opportunities to change lives and strengthen communities throughout San Luis Obispo, Santa Barbara, Monterey and Ventura counties. The architectural firm is CSA Architects.

Recent Deals

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

 

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$74.8 Million

Construction Loan & LIHTC Equity

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Bridge to Perm Loan, Acquisition

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thermogenics

a portfolio company of

audax

acquired by

morgan stanley

Sell-Side Advisor

thermogenics

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