Amcal Lands $123M to Develop Five Projects

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AGOURA HILLS, CA-Amcal Multi-Housing Inc. has lined up nearly $123 million in financing for multifamily projects in Palmdale, Los Angeles, East Los Angeles, Panorama City and Fresno that will provide 364 units of housing aimed at low- and moderate-income renters. The funding for the projects will come from four of Amcal’s financial partners: SunAmerica Affordable Housing Partners, WaMu, US Bank and California Community Reinvestment Corp.

The Amcal projects are the 81-unit Cielo Azul senior apartments in Palmdale, the 55-unit Villas Las Americas in Panorama City, the 74-unit Villas del Lago in Los Angeles, the 85-unit Villa Serena in East Los Angeles and the 69-unit Sandstone in Fresno. Construction has already begun on most of the developments.

The financings included 9% and 4% federal and state low-income housing credits, construction loans and permanent loans. Percival Vaz, president and chief executive officer of Amcal, comments that the tax credit financing signals the company’s “continued growth and expertise in obtaining tax credit equity funds.”

As the company moves forward with these projects, he says, it will “continue to aggressively seek funding for future affordable projects throughout the state.” Vaz notes that Amcal has a long history with SunAmerica and CCRC, both of which have contributed to several affordable housing projects.

This latest round of funding marks Amcal’s first partnership with WaMu. The fourth Amcal financial partner, US Bank, offers programs to assist communities in the construction, rehabilitation and acquisition of rental housing for low- and moderate-income individuals and families.

In addition to its apartment developments for low-income families and seniors, Amcal is developing work force for-sale housing, including its West Angeles Estates. The West Angeles Estates development will feature 50 three-story single-family, detached townhomes at the corner of West 94th Street and South Broadway Avenue in South Los Angeles.