Philadelphia, PA – Berkadia’s Affordable Housing team is pleased to announce it has invested $12.3 million in Dutton Flats, a 100% affordable new construction development in Santa Rosa, California. Once complete, Dutton Flats will provide 40 units to households earning between 30%-60% AMI and 1 unit will be reserved for an on-site property manager.
“We are taking one more step towards alleviating California’s affordable housing crisis,” said Josh Levy, Managing Director and Head of Production, Berkadia’s Affordable Housing team. “Over the last several years the wildfires throughout Sonoma County have reduced the already inadequate supply of affordable housing. The addition of these 41 units is one of many milestones to come that will provide safe and stabilized affordable housing.”
The property is being co-developed by Integrity Housing and Phoenix Development Company of Minneapolis. The co-development team remained steadfast throughout the design and pre-development process to bring quality affordable housing to the City of Santa Rosa. “While other projects were stalled due to the changing economic climate, Berkadia remained committed to the project and continued to work closely with our team to ensure forward progress toward a successful and timely closing” said Anjela Ponce, Executive Vice President and Founder, Integrity Housing.
Amid COVID-19 the construction of housing has been deemed essential in the state of California. Berkadia is extraordinarily appreciative for the opportunity to work with committed development partners, investment partners and the Housing Authority of the City of Santa Rosa to lead the charge in the creation of affordable housing during this critical time.