Clearinghouse CDFI (CCDFI) provided a $5,493,825 loan to Rodeo Village, LP to support the refinancing and subsequent renovations of Rodeo Drive Apartments, an affordable multi-family housing development in Victorville, CA.
Rodeo Drive Apartments, built in 1973, consists of 99 units with amenities like playground, laundry facilities, security entrance, patios, balconies, and landscaped areas. The gated property has 99 carports and 31 open parking spaces. Most units are rent-restricted for affordability for low-income individuals. CCDFI financing supports refinancing of the property with the intention of property renovations including upgrades to exteriors, interiors, common areas, energy efficiency, and overall visual enhancements. A community structure will also be built for the benefit of residents and the community.
Baker Management, Inc (BMI), a Southern California property management firm, will manage Rodeo Drive Apartments. With expertise in affordable housing for families, seniors, and special needs tenants, BMI oversees 9,000+ units across 160 communities in California and Nevada. They specialize in developing and preserving affordable housing through tax-exempt bonds, tax credit equity, and public funding for renovations, maintaining affordability.
Read the full story here: Just Funded – Rodeo Drive Apartments