Yuba, California — Citi Community Development Co., the New York-based developer that has developed some of the country’s priciest residential projects, says it has raised $1.6 billion in venture capital and other funds to fund the development of the Yuba County city of Yuba.
The $1,000 per square foot loan is the largest of its kind, the company said in a news release.
The funding is aimed at bringing a number of new residential buildings to the Yucaipa neighborhood, where a major housing development in the past year has drawn criticism.
“We are committed to the revitalization of the community, which has been a focus of our strategy for years,” said John Fetter, Citi Community’s CEO and co-founder.
“Our goal is to provide the same affordable housing, high quality housing, and amenities as other Yuba neighborhoods.”
The project includes more than 4,000 homes and apartments, with a planned completion date of 2021.
The project has attracted some criticism for its high cost, with some critics calling the project too expensive for many residents.
In December, the Yampa Valley Times reported that the project had drawn criticism for costing the county about $1 million more per unit than comparable properties in the surrounding community.
The county had said it was willing to make that up by cutting a few buildings down in favor of others.
The $1bn loan is not the largest in the project.
The Los Angeles-based group of investors, called T. Rowe Price, announced in April that it had secured a $1-billion round of funding from China’s Zengxia Group and the Russian government to finance construction of about 1,600 apartments in the Yucatan Peninsula.
The deal was announced amid concerns that the new projects will not be affordable, as they would likely require more expensive land acquisition.