SAN FRANCISCO – April 9, 2018
Wells Fargo & Company (NYSE: WFC) announced today it has made a $22.4 million construction revolver loan to DeNova Homes for the development of Brody Ranch, a new community in Petaluma, California.
The Brody Ranch community will bring to Sonoma County 199 condominiums, single-family homes and duplexes, with 21 of the units to be sold below market rate. Sonoma County was especially hard hit by the wildfires that tore through several areas of California in late 2017, with the fires destroying approximately 5,000 homes in the county, according to Cal Fire.
“The Brody Ranch development will bring much-needed housing – including below market rate units – to Sonoma County, where last year’s wildfires brought devastating destruction,” said Bird Anderson, head of Homebuilder Banking in Wells Fargo’s Commercial Real Estate group. “We are pleased to work with DeNova Homes to support the construction of these new homes. Since the wildfires broke out, we have committed extensive resources to supporting this community, and those affected by the wildfires remain top of mind for us at Wells Fargo.”
Construction on model homes is scheduled to begin in mid-May. Brody Ranch is located about three miles from downtown Petaluma and is adjacent to the recently launched Sonoma-Marin Area Rail Transit (SMART) Train, which offers light rail commuter service into Marin County. The 16-acre community will include bike and pedestrian trails, wetlands, open space and a pedestrian bridge to the SMART Train. Wells Fargo also supplied a $22.6 million acquisition and development loan for the project in September 2017.
In October 2017, Wells Fargo announced a commitment of $1 million for relief efforts in response to the California wildfires. Contributions were made to the American Red Cross, the Salvation Army, local nonprofits focused on rebuilding efforts and the company’s WE Care Fund, which makes financial grants to Wells Fargo team members affected by unforeseen circumstances resulting from disasters. Wells Fargo committed an additional $800,000 for wildfire and mudslide recovery efforts in Ventura, Los Angeles and Santa Barbara counties.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through more than 8,300 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations.
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About DeNova Homes
DeNova Homes is an award-winning homebuilder in Northern California, specializing in all areas of residential construction to meet the needs of renters, first time home buyers, and move-up single family purchasers alike. As a community minded homebuilder with a long tradition of supporting local charities and organizations, DeNova has earned a reputation as one of the most respected homebuilders in the California Bay Area. For more than 25 years, DeNova Homes has demonstrated its desire to develop a superior product with the continued objective of building better communities.