The Solution
Walker & Dunlop Capital Markets Affordable Housing Production arranged a $53.1 million Freddie Mac tax-exempt bond forward commitment on behalf of Standard Communities.
Led by John Gilmore, the financing included approximately $42 million in tax-exempt financing and an $11 million taxable tail, providing a permanent financing structure designed to support the development through completion and stabilization.
The financing solution complemented the project's broader capital stack and supported the creation of a transit-accessible affordable housing community with amenities designed to enhance residents' quality of life.
The Result
Upon completion, Joyfield at Lakeview Center will provide 233 affordable homes in a region where housing affordability remains a persistent challenge. With all units restricted to households earning between 30 percent and 70 percent of the area's median income, the development will create long-term housing opportunities for residents across a range of income levels.
Its transit-accessible location and community-focused amenities will help connect residents to jobs, services, and everyday conveniences while supporting continued growth in eastern Contra Costa County. The project represents a meaningful addition to the affordable housing pipeline and reinforces the importance of innovative financing solutions in expanding housing access throughout California.
The experts who closed the deal
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