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Community Business Bank Provides Significant Funding for Affordable Housing Renovation | Real Estate

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Community Business Bank Provides Significant Funding for Affordable Housing Renovation
Real Estate
Community Business Bank Provides Significant Funding for Affordable Housing Renovation

Community Business Bank announces that it has provided significant financing toward renovating the Olivewood Apartments, a 68-unit affordable housing project located at 2801-2811 La Quinta Drive in Sacramento County. The nearly 50-year-old complex will see renovations to exteriors and interiors, including new siding of the buildings, a modern façade, dual pane windows, bathrooms, kitchens and flooring.

The $10.3 million project is a joint venture between Pacific Development Group of Lodi and Alliance Property Group of Los Angeles, owners of Olivewood Apartments, with RDR Builders of Lodi as general contractors. Construction is in progress on the project’s first phase that once completed will also include a swimming pool and 1,750-square-foot community center that will be used to hold programs for residents of all ages.

“We are proud to help beautify housing for the hundreds of low to moderate income residents of Olivewood Apartments,” said Scott Meyer, Community Business Bank, Regional Senior Vice President. “It means a lot for a community bank of our size to provide this kind of funding in order to foster the economic well-being of our local communities.”

Total project financing includes Sacramento County revenue bonds, tax credit equity, financing from the Sacramento Housing and Redevelopment Agency, which combined with a construction loan from Community Business Bank has made the renovation possible.  “All those involved in this important and needed renovation are fortunate to have such a committed partner and lender in Community Business Bank,” said Ron Dos Reis, CEO, RDR Builders.

The Olivewood Apartments renovation is expected to be complete by December 2015.

 

About Community Business Bank Community Business Bank serves customers throughout Yolo, San Joaquin, Sacramento, Solano and the contiguous counties. The bank offers commercial banking services with an emphasis on small to medium-sized businesses, professionals, agricultural related businesses and non-profit organizations. Since opening in November 2005, the Bank has grown to over $215 million in assets. Community Business Bank stock is traded under the symbol cbbc. For more information about the Bank, visit www.communitybizbank.com.

 

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