The California Public Finance Authority (“CalPFA”) has provided $23 million of tax-exempt bonds to St. Anton Folsom, LP (the “Borrower”) for the purpose of financing a multifamily rental housing project known as Bidwell Pointe Apartments. The Borrower will acquire, construct and develop 140 rental housing residences as part of a mixed-use master plan community in the City of Folsom. 100 of the individual residences will be dedicated as income-restricted affordable housing and 40 are unrestricted. The project also includes ±837 sq. ft. of ground floor commercial space.
This financing of the multifamily rental housing project will allow St. Anton Folsom, LP to provide affordable housing to 71% of the property. 14 of the units will be restricted at 50% AMI and 86 of the units will be restricted at 60% AMI. This property will remain rent restricted for the next 55 years and help those in the community in need of affordable housing.
CalPFA partnered with Banner Bank and Orrick, Herrington & Sutcliffe, LLP to provide the financing to St. Anton Folsom, LP (Bidwell Pointe).