Updated Oct 29, 2024
California Invests $757M In Affordable Housing And Sustainable Transportation Projects
890 N McDowell Blvd Petaluma, CA 94954, USA
$757,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 8, 2023
About this deal
AI
California is investing $757 million in affordable housing and sustainable transportation projects, aiming to create over 2,500 affordable homes, 150 zero-emission buses, and improve bike lanes and sidewalks. Governor Gavin Newsom highlighted the efforts to combat climate change and housing scarcity while enhancing access to affordable housing. The development site in Petaluma, located at 890 North Mcdowell Boulevard, is the asset involved in this transaction.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $757,000,000
- Lender: Affordable Housing and Sustainable Communities - Gavin Newsom
- Loan Type: Construction
Affordable Housing and Sustainable Communities, represented by Gavin Newsom, is the lender in this transaction. The loan amount is $757,000,000, and it is a construction loan. This investment aims to address the need for affordable housing and improve sustainable transportation options in Petaluma.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93