Joyfield at Lakeview Center | Case Study

The situation

Standard Communities sought permanent financing for Joyfield at Lakeview Center, a new-construction affordable housing community in Antioch, California. Located in eastern Contra Costa County, the development was designed to deliver 233 affordable apartment homes in a growing East Bay corridor with access to regional transportation, employment centers, and community amenities.

The project was structured as a 100 percent Low-Income Housing Tax Credit (LIHTC) development, with all units restricted to households earning between 30 percent and 70 percent of the area median income. To support construction and long-term affordability goals, the development required a forward-commitment financing solution that would provide certainty throughout construction and conversion.

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.