Janover has closed $2.3 million in refinancing for Hidden Valley Village, a 60-unit affordable housing property in Bloomfield, N.M., through its financing platform. Bravo Capital provided the loan to a borrower specialized in developing tax credit-funded communities in rural areas through HUD’s 223(f) program.
The 35-year loan agreement closed in approximately eight months. The refinancing package provided the necessary capital for interior and exterior upgrades. Brandon Ramineh, director of capital markets at Janover, facilitated the deal between the lender and the borrower.
“Although the HUD 223(f) loan takes about six to eight months to close, it’s an excellent product for those who wish to execute long-term financial strategies,” Ramineh said. “This program offers non-recourse, fixed, and fully amortizing terms of up to 35 years, making it a great shield against rising interest rates.”
Completed in 2005, the community was initially developed with 9% Low-Income Housing Tax Credits and HOME funds. Hidden Valley is also subject to a land use restriction agreement, which requires keeping the property affordable for the next 45 years. A total of four units are available for residents earning 50% of the area median income, with 56 units reserved for those earning up to 60% of AMI.
Located at 717 Ruth Lane, Hidden Valley occupies roughly 5.5 acres near Freeway 64 and is around 2 miles from downtown Bloomfield. The community includes 11 townhouse-style buildings featuring two- and three-bedroom units. Property amenities include a leasing office, clubroom, fitness center, and laundry room.
New Mexico’s Multifamily Market Stays Hot
Thanks to several major employers expanding to New Mexico — including Intel, Netflix, Meta, and Amazon — demand for multifamily rentals continues to grow across the state. These companies are expected to create nearly 9,000 jobs in the near future, ReBusiness Online reported.
Additionally, similarly to other metros across the country, New Mexico’s rental market is underscored by homebuyers who are being pushed out of the housing market due to rising home values and interest rates. As a result of this heightened demand, most metros, including Santa Fe and Albuquerque, continue to experience double-digit rent growth, creating a strong market for multifamily investments.