Archive for March, 2015

CMFA Completes the Issuance of $30,000,000 in Bonds for Scripps College

Mar 19, 2015

The CMFA completed the issuance of $30,000,000 in tax-exempt private activity bonds benefiting Scripps College in Claremont, California.  The College is a member of the Claremont Colleges, and much of student life revolves around the five colleges, or “5C’s.” Scripps College, Claremont McKenna College, Pomona College, Pitzer College and Harvey Mudd College all interact socially, share dining halls, libraries, and other facilities spread throughout the contiguous campuses. All five colleges are part of the Claremont University Consortium, which includes two graduate institutions. Proceeds from the bonds will be used to reimburse costs of design in the planning of a new residence hall, fund the construction of the new residence hall and fund the renovation of other areas on campus.

The CMFA recently completed a $57,000,000 financing for Westridge Apartments

Mar 19, 2015

The CMFA recently approved a $57MM transaction for Menlo Capital Group, LLC.  Bond proceeds will be used in the acquisition/ rehabilitation of a 401-unit multifamily property with a proposed rehabilitation plan that will add 40 new units to the site, bringing the project’s total unit count to 441 units. The property consists of 14 buildings upon four contiguous parcels with a total site area of 11.48 acres. The proposed renovation will include complete unit rehab of the 401 existing units. The financing of this project will continue to offer high quality affordable housing for 441 families in the City of Richmond, California for another 55 years.

Related Companies and the CMFA Work Together to Provide Low Income Housing in Palo Alto

Mar 19, 2015

The CMFA recently provided tax-exempt financing for Related Companies. Proceeds from the financing will be used to construct Stanford Affordable Apartments, which will provide new affordable housing to 70 families in the City of Palo Alto for the next 55 years. In addition to the community building, the site will have a playground, picnic areas and open areas for it’s residents to enjoy.

CMFA Completes Financing for Sea Mist Towers Apartments, California

Mar 18, 2015

The CMFA recently approved a $10.25MM transaction for Volunteers of America. Bond proceeds will be used to rehabilitate a 75-unit multi-family senior housing facility located in the City of Long Beach, California. The high quality project consists of one and two bedroom units. This senior family community has a beautifully landscaped courtyard, an outdoor recreation area and community room. Resident services will have an on-site service coordinator who provides counseling and coordinates supportive services. The acquisition/ rehabilitation of this project will continue to provide housing for 74 senior families for another 55 years.

The CMFA Provides $16,635,000 in Low Cost Tax-Exempt Financing to the Cesar Chavez Foundation

Mar 18, 2015

The Cesar Chavez Foundation, long known for providing high quality affordable housing projects, recently secured $16,635,000 in tax-exempt financing through the CMFA. Proceeds from the bonds will be used to acquire/ rehabilitate a multi-family rental housing project located in Gilroy, California. A total of 111 units will be acquired and rehabilitated for low-income households in the area.

Low Cost, Tax-Exempt Financing Provided for East Cliff Village Apartments

Mar 18, 2015

The CMFA has provided $10MM in Tax-Exempt Financing to Volunteers of America. Proceeds from the bonds will be used to finance the acquisition/ rehabilitation of an  affordable senior rental housing project known as East Cliff Village Apartments. The apartment complex that was originally built in 1986 will continue to provide high quality, affordable housing for 75 senior individuals and families for an additional 55 years in the City of Santa Cruz, California.

The CMFA Completes a $9,586,283 Financing for the Rudolph Foods Company

Mar 18, 2015

The CMFA recently completed a $9,586,283 tax-exempt financing for Rudolph Foods Company. Proceeds from the bonds will be used to finance the acquisition, rehabilitation and equipping of a 178,000-square foot food manufacturing facility located in the City of Beaumont, California. Rudolph Foods Company is purchasing the new Beaumont facility to allow them to continue to grow, leading to continued success and subsequent economic benefits to the public and the community.