Madera Vista
Madera Vista is a three-phase, intergenerational, mixed-income project located in the Southern California city of Temecula.
Iman Novin served as a project manager for Madera Vista, and was responsible for leading the debt and equity closings with Wells Fargo, as well as managing construction of Phase II from start to finish. Iman successfully worked through a complicated phasing and tax-credit financing structure with the tax credit equity investor, as well as many fair housing legal issues to achieve the City’s goals for a unique mixed-income project that serves both seniors and families in a single cohesive development.
Project Details
- 110 units
- 20 affordable units for households earning up to 80% of the area median income
- Phase 2 & 3 offer 70 family units for households earning 30-60% of the area median income
- 20 affordable units for low-income seniors
- Close to public transit
- Amenities include two grocery stores, a hardware store, banks, and other retail shops
- Several large nearby parks
Development Team
Architects
- Phase I: Irwin Pancake
- Phase II & III: KTGY Group, Inc.
General Contractor
- Wermers Multifamily & Portrait
Financial Partners
- City of Temecula
- County of Riverside
- Wells Fargo
- California Community Reinvestment Corporation
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