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California Public Finance Authority

CalPFA Closes $13 MM Financing for Water Street Apartments Investors, L.P.

CalPFA has provided $13 million of tax-exempt multifamily housing revenue notes to Water Street Apartments Investors, L.P. for the purpose of financing the acquisition, construction and development of the Water Street Apartments. Water Street will be a new affordable residential apartment community located within walking distance to downtown Santa Cruz and near numerous amenities such as schools, transportation, and grocery stores. Construction has begun and is expected to be completed by June 2019.

Water Street Apartments will consist of 22 one-bedroom units and 19 two-bedroom units. A minimum of 8 units will be reserved for disabled persons with support services to be provided from Housing Choices and San Andreas Regional Center. All of these units will feature Project Based Section 8 Rental Assistance Vouchers which cap tenants rent at 30% of their respective income. It is anticipated that there will be many different types of residents including seniors, families, disabled and individuals.

CalPFA partnered withOrrick, Herrington and Sutcliffe and Pacific Western Bank to provide financing to the Borrower for the acquisition and development of this multifamily housing project.