Housing to Provide Refuge for Fire-Ravaged Area
The new Brody Ranch community will bring 199 condominiums, single-family homes and duplexes to Sonoma County, where fires destroyed 5,130 homes, with 21 of the units to be sold at below-market rates.
PETALUMA, CA—There were 5,130 homes destroyed in the county during the devastating wildfires in October, according to Cal Fire. The new Brody Ranch community will bring 199 condominiums, single-family homes and duplexes to Sonoma County, with 21 of the units to be sold at below-market rates.
Wells Fargo & Company made a $22.4 million construction revolver loan to DeNova Homes for the development of Brody Ranch. Wells Fargo also supplied a $22.6 million acquisition and development loan for the project in September 2017.
Construction on model homes is scheduled to begin in mid-May. Brody Ranch is located about 3 miles from downtown and is adjacent to the recently launched Sonoma-Marin Area Rail Transit/SMART train, which offers light rail commuter service into Marin County. The 16-acre community will include bike and pedestrian trails, wetlands, open space and a pedestrian bridge to the SMART Train.
“The Brody Ranch development will bring much-needed housing–including below market rate units–to Sonoma County, where last year’s wildfires brought devastating destruction,” said Bird Anderson, head of homebuilder banking in Wells Fargo’s commercial real estate group. “Since the wildfires broke out, we have committed extensive resources to supporting this community and those affected by the wildfires remain top of mind for us at Wells Fargo.”
In October 2017, Wells Fargo announced a commitment of $1 million for relief efforts in response to the California wildfires. Contributions were made to the American Red Cross, the Salvation Army, local nonprofits focused on rebuilding efforts and the company’s WE Care Fund, which makes financial grants to Wells Fargo team members affected by unforeseen circumstances resulting from disasters. Wells Fargo committed an additional $800,000 for wildfire and mudslide recovery efforts in Ventura, Los Angeles and Santa Barbara counties.
“As another example of our work in support of homebuilding in the area impacted by the wildfires, we are currently financing two projects totaling 220 units in Santa Rosa for City Ventures through a syndicated facility that we lead,” Beth Richek, vice president, communications advisor at Wells Fargo, tells GlobeSt.com.