Construction of Cottonwood Ranch Apartments is now finished — providing the residents of Casa Grande, Arizona with more affordable rental housing options to support a growing community.

In 2023, Freddie Mac Multifamily worked with Optigo® lender Greystone to provide sponsors Lincoln Avenue Capital and Fairview Housing Partners with a $39.2 million forward commitment for a Tax-Exempt Loan, to be funded after 36 months once construction is completed. To finance the building period, Bank of America provided a construction loan along with syndicating $63.9 million in Low-Income Housing Tax Credit equity.

“Our forward commitment helped the developer feel confident in proceeding with the project, knowing they’ll receive permanent debt upon stabilization. This certainty of execution is just one of the strengths of the Freddie Mac model,” said Kentez Montgomery, Freddie Mac Multifamily senior producer.

All 300 units of Cottonwood Ranch are affordable to residents earning 50-60% area median income. The garden-style property offers two-, three- and four-bedroom units and tenants will enjoy amenities such as a fitness center, laundry room, swimming pool and outdoor BBQ area.

  • Cottonwood Ranch Inside Apartment
  • Cottonwood Ranch Kitchen View
  • Cottonwood Ranch Apartments lobby

“This transaction reflects a strong partnership built on trust and shared purpose,” said Pharrah Jackson, vice president at Greystone. “Lincoln Avenue Capital and Fairview Housing Partners delivered an impactful project, and we look forward to supporting them with permanent loan financing.”

Freddie Mac Multifamily is proud to continue boosting the nation’s supply of affordable rental housing through projects like Cottonwood Ranch.