Alliant Capital, a Walker & Dunlop company announced today its $40 million investment for Shiloh Crossing, a new construction of 171 Low Income Housing Tax Credit (LIHTC) units in Windsor, Sonoma County, CA.
The team, including Dudley Benoit, senior vice president and chief production officer, and Jennifer Erixon, managing director, led Alliant’s LIHTC syndication of the tax credits to the project's development and ownership team, Integrated Community Development ("ICD") and Corporation for Better Housing ("CBH"), a California nonprofit corporation. Together, the teams will build housing for families with incomes up to 30% to 70% of the area median income ("AMI").
"Working closely with CBH and Alliant Capital enables us to deliver on our vision and belief that our work creates communities that uplift people's lives," said Jake Lingo, senior vice president at ICD. “Shiloh Crossing embraces the concepts of transit accessibility, pedestrian-friendly design, inclusiveness, and sustainability to create a vibrant development that will help to alleviate the housing shortage in Windsor. Having a strong syndicator in today's volatile market is paramount, and we are thankful for the relationship we have forged with Alliant Capital."
"Alliant has been key in closing this property," said Lori Koester, executive director at CBH. "Alliant has partnered with CBH to build 59 properties totaling over 3,730 units, and this one is no different. We are glad to continue to make a difference in affordable housing with Alliant by our side."
Alliant, ICD, and CBH recently worked on a similar project in Sonoma County, a new construction consisting of 101 LIHTC units generating $26 million of federal LIHTC equity called Baumgardner Terrace.
"Alliant is pleased to work with CBH yet again on another much-needed affordable property," said Jennifer Erixon. "Shiloh Crossing will generate $40 million in Federal LIHTC, $5.5 million in California state tax credits, and over $300,000 in energy credits. The state and federal LIHTC programs are essential tools to address the growing housing crisis throughout the country."
Shiloh Crossing is a new construction project consisting of two buildings. The five-story "U"-shaped North Building will have 130 units, and the four-story mixed-use South Building will have 43 units with two large commercial spaces, administrative offices, and community space. Located in a mixed-use neighborhood in northeast Windsor, Shiloh Crossing is in a good location for multifamily use, and its proximity to schools, employment, public transportation, retail, and other area services is expected to have a positive impact on its marketability.
Alliant Capital, a Walker & Dunlop company, is the nation's sixth largest LIHTC syndicator. Today, Alliant Capital's portfolio exceeds $14 billion in assets under management and has provided housing for over 400,000 low-income families, seniors, and veterans. Combined with Walker & Dunlop's affordable housing financing solutions, the partnership is a market-leading affordable housing platform that addresses the financing, sale, and preservation of affordable housing nationwide. To learn more about our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry in the United States, enabling real estate owners and operators to bring their visions of communities — where people live, work, shop and play — to life. Our people, brand, and technology make W&D one of the most insightful and customer-focused firms in our industry. With over 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune’s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.