Silicon Valley Bank’s Fall Hits Affordable Housing
March 28, 2023
Developers and syndicators lament the loss of a longtime partner and weigh the impact.
…Eden Housing is another developer that has worked closely with the bank on different projects. “They’ve been a great partner for us,” says president Linda Mandolini, whose organization also has several deals under construction and another that was about to close with SVB.
The Eden team spent the weekend after the SVB collapse working on contingency plans for different scenarios, such as a construction loan draw being delayed or not being funded. The developers also have been talking with state officials to make sure the success of their projects is not jeopardized.