Palm Villas in Red Bluff

Overview

Size $32.7 Million
Construction Loan, Permanent Loan, and KCBM Swap Contract

Summary

KeyBank Community Development Lending & Investment provided capital for the new construction of Palm Villas at Red Bluff, a 61-unit affordable housing project in Red Bluff, California. 61 units will serve families and individuals earning no more than 30%-60% the Area Median Income (AMI). 10 units will be set aside for permanent supportive housing (PSH) for those with a serious mental illness that are homeless or at risk of homelessness. Supportive services for these residents will be provided by Tehama County Health Services Agency and will include access to different centers providing behavioral services, medical clinics, public health services, and substance use recovery. We want to thank Palm Communities LLC for their sponsorship and shared mission to build much-needed affordable housing in California.

The financing includes a $29 million construction loan arranged by Andrea de la Fuente and a $3.7 million permanent loan arranged by Hector Zuniga.

Banking products and services are offered by KeyBank National Association. All credit products are subject to collateral and/or credit approval, terms, conditions, and availability and subject to change.

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