$12M Finances Apartment Rehab

The equity was supplied by Related's affiliate, Related Capital, and provides part of the financing for what Related describes as "much needed quality, affordable housing."

Besides the $12.2 million from Related Capital, which provided the equity in exchange for tax credits generated by the development, this latest phase of the Jeffrey Lynne development will be financed by a $7.5 million loan from the City of Anaheim.

The 112-unit project follows the 267-unit Phase I Jeffrey Lynne development, for which Related provided a $25.6 million investment in 2000, notes Bill Witte, principal of The Related Cos. The second phase of the development will consist of 23 two-story, garden-style buildings situated on over four acres. The property will feature one- to three-bedroom units ranging in size from 649 sf to 1,135 sf. Rents are expected to start at $375 for the one-bedroom units or $543 for the three-bedroom units. The rehabilitation of the property will include significant renovation of both the interior of the buildings and the grounds of the property, "improving both the site's appearance and functionality," according to Related.

The Related Cos. of California was founded in 1989 to acquire and develop government-assisted and market-rate multifamily housing in California. It is among the largest affordable housing developers in the state, having developed more than 6,000 units in San Francisco, Oakland, San Jose, Los Angeles, Los Angeles County, Orange County, San Bernardino County, San Diego, and San Diego County.

Southern California Housing Development Corp. is a non-profit housing development corporation, develops and manages affordable housing for very low, low and moderate-income residents. It owns and manages more than 4,500 multifamily units throughout Southern California.