- JP Morgan Chase
- Red Stone Equity
- City of Lake Forest
- Western Community Housing
- California Tax Credit Allocation Committee (CTCAC)
- California Debt Limit Allocation Committee (CDLAC)
Arroyo at Baker Ranch is a 189-unit affordable family apartment community located in the master planned community of Baker Ranch, in the City of Lake Forest, Calif.
Owned by master developers Shea Homes and Toll Brothers, the Baker Ranch master planned community needed to meet an inclusionary housing requirement, and the two master developers selected Meta Housing to meet this need.
Meta Housing worked closely with the master developers and the City of Lake Forest to secure tax credits and tax-exempt bonds in order to bring the project to fruition.
A 100% affordable project, construction on Arroyo at Baker Ranch was completed in the first quarter of 2015. The community, which offers one-, two- and three-bedroom floor plans, also features a large community center, swimming pool, outdoor play area, on-site laundry and a business center.
Construction financing for the project was provided by JP Morgan Chase, and Cornerstone provided permanent financing. Red Stone Equity served as the tax credit investor for the project, which was funded with 4% tax credits, as well as tax-exempt bonds.