Loan Type: Affordable Housing
Total Development Cost: $4,665,000
Times leveraged: 2.67x
Loan at a Glance:
Partners provided $1.75 million to a $3.947 million land acquisition loan with Mercy Community Capital (MCC). This loan funded the purchase of three parcels of land for the Vista Heights project, a 214-unit low-income housing development in Murrieta, CA. This is Partners’ fifth loan with MCC.
Borrower Summary:
HAPI Foundation is a nonprofit formed by Alliant Strategic Development (ASD) to develop the project. ASD was established in 2020 as a partnership between Eddie Lorin, founder of Strategic Realty Holdings, and Shawn Horowitz, CEO of Alliant Capital. The organization focuses on mixed-income, market rate, workforce, and affordable housing. ASD’s principals have extensive experience, having collectively built more than 1,000 affordable housing communities, and providing homes for more than 400,000 families nationwide.
Project Summary:
The Vista Heights project consists of the construction of a four-story building with 214 units that will provide affordable housing for low-income residents at 30% and 80% AMI. Amenities will include areas dedicated for children, a fitness center, a learning center, and a dog park.
Loan Result:
The land acquisition loan paved the way for developing a much-needed affordable housing project in Murrieta, addressing the area’s housing crisis. The project will include 85 units at 30% AMI, 127 units at 80% AMI, and two market-rate units. The development will also create four permanent jobs and 80 construction jobs.