November 21, 2018

Celebrating the Financial Closing of Creekside in Davis, California

Congratulations go out to Neighborhood Partners and The John Stewart Company on the closing of Creekside in Davis, California!

Congratulations go out to Neighborhood Partners and The John Stewart Company on the closing of Creekside in Davis, California! This new development will create 90 homes, including 22 set aside for disabled residents. Services, including health and hygiene classes, employment assistance, drug and alcohol meetings, and life skills counseling will be available to all residents through Davis Community Meals. The property is located in a neighborhood of choice with excellent transportation connections throughout the City of Davis, including a multi-use path and bus shelter, both adjacent to the property. There are grocery stores, public parks, and a hospital within walking distance. 

Creekside will include a 205kW photovoltaic system that will result in a zero net-energy property, meaning residents will pay close to $0 for utilities. The community is designed to meet California’s GreenPoint New Home Multifamily program.

Financing

Construction financing includes $22 million from Wells Fargo and $913,000 from the City of Davis for transportation-related improvements. Permanent financing includes $6.17 million from California Housing Finance Agency (CalHFA), $10.9 million from the California Housing and Community Development’s Affordable Housing and Sustainable Communities Program, $890,000 from the Federal Home Loan Bank of San Francisco, and project-based rental assistance for 20 years on 22 units from CalHFA through the HUD Section 811 program for residents with disabilities.  Enterprise provided $12 million of equity on behalf of JP Morgan Capital.

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