Archive for December, 2015

CMFA issues $20,000,000 in Bonds to The Harker School located in San Jose, California

Dec 31, 2015

The Harker School is a private school in Silicon Valley that has earned international recognition for its top academics, quality teachers and student achievements. Founded in 1893 and educating 2,000 students, Harker is the largest independent school of its kind in California, serving families of preschool, elementary, middle and high school-aged children on its four San Jose campuses.

The proceeds of the Bonds will be used to finance the acquisition, construction and equipping of an approximately 33,000 square foot gymnasium facility and an approximately 46,000 square foot performing arts center on the School’s Upper School campus located at 500 Saratoga Avenue, San Jose, California.

The CMFA issues $7,000,000 in Bonds to the Cabrillo Economic Development Corporation for the Camino Esperanza Apartments located in Simi Valley, California

Dec 31, 2015

The Camino Esperanza Apartments is a new construction project of a 31-unit affordable multifamily rental housing facility located in Simi Valley, California. The vacant, undeveloped 2.61-acre site will have six single-story buildings of five one-bedroom apartments plus a separate building for the two-bedroom manager’s unit. Also included is a 1,324 sq. ft. community building for the tenants to gather, hold meetings and socialize using the kitchenette. The project will cater to adults with developmental disabilities. The units are restricted to households making 50% or less of area median income. The financing of this project will result in the creation of 31 affordable apartments for the next 55 years.

 

The CMFA issues $3,668,900 in Bonds to Cardenas Three, LLC based in Mira Loma, California

Dec 30, 2015

In 2012, Cardenas Three, LLC created Magnolia Foods, a manufacturer of corn and flour tortillas, as well as sopes and other related products. The proceeds of the Bonds will be used to make a loan to Cardenas Three to finance the costs of the acquisition and installation of new food processing equipment to be located at 11058 Philadelphia Avenue, Jurupa Valley, California. This equipment will allow Magnolia Foods the capacity to produce several thousand dozens of tortillas per hour. The equipment is to be owned and operated by Cardenas Three, LLC. The purchasing of new equipment will allow them to continue to grow which in turn will lead to the continued success and subsequent economic benefits to the public and their community.

The CMFA issues $25,544,000 in Bonds to the Peoples’ Self-Help Housing Corporation for the Villa La Esperanza Apartments located in Goleta, California

Dec 23, 2015

The Villa La Esperanza Apartments project is an acquisition/rehabilitation of an existing 75-unit project that will be creating eight additional units of affordable multifamily rental housing. The Project was constructed in 1970 and consists of 19 residential buildings, a community building, and 121 parking spaces. The project will include substantial rehabilitation that includes expansion of the community building and the conversion/addition of eight additional units. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. This project was originally financed with a HUD 236 loan and 4% tax credits. Rents will be restricted to households with incomes no greater than 60% of the area median income.

The CMFA issues $1,000,000 in Bonds to the Urban Discovery Academy located within San Diego County, California

Dec 21, 2015

Urban Discovery Academy (“UDA”) is a California nonprofit public benefit corporation incorporated February 28, 2008 that operates as a public charter school pursuant to a charter contract authorized and approved by the San Diego Unified School District.

The proceeds of the Bonds will be used to finance the acquisition, design, construction, renovation and equipping of the buildings to be used as educational facilities located in the County of San Diego, California. These improvements will allow UDA to expand its enrollment to over 400 students, and it is anticipated that approximately five additional teachers and administrative personnel will be added.

The CMFA issues $9,571,706 in Bonds to Many Mansions for the Villa Garcia Apartments located in Thousand Oaks, California

Dec 21, 2015

The Villa Garcia Apartment project is an acquisition/rehabilitation of an existing 80-unit affordable multifamily rental housing facility. The project, built in 1998, is a two-story garden style building. The property has 40 one-bedroom, 20 two-bedroom and 20 three-bedroom townhouses. The project will include substantial rehabilitation to address replacement of major building systems and to increase energy and water efficiency. Rents will be restricted to households with incomes no greater than 60% of the area median income.

CMFA issues $47,900,000 in Bonds to the be.group for the Redwood Terrace Apartments located Escondido and the Westminster Gardens Apartments located in Duarte, California

Dec 18, 2015

The proceeds will be used for the (1) financing and refinancing of the acquisition, construction, expansion, remodeling, renovation, improvement, furnishing and equipping of land and facilities located in Escondido, California, known as Redwood Terrace Apartments and financing and refinancing of the acquisition, construction, expansion, remodeling, renovation, improvement, furnishing and equipping of land and facilities located in Duarte, California, known as Westminster Gardens Apartments.

The CMFA issues $35,000,000 in Bonds to the American Musical and Dramatic Academy

Dec 10, 2015

Celebrating nearly 50 years as one of America’s premier conservatories for the performing arts, American Musical and Dramatic Academy (“AMDA”) is recognized throughout the industry for its rich history and tradition of launching some of the most successful careers in theatre, film and television. The AMDA plans to use the proceeds of the Bonds to refinance and finance a portion of the cost of the acquisition and the equipping and furnishing of its facilities, all to be owned and used by the AMDA in its operations as a conservatory for the performing arts.

The CMFA issues $13,000,000 in Bonds to the be.group for the Sycamore Terrace Apartments in Upland, California

Dec 9, 2015

The Sycamore Terrace Apartments is an acquisition/ rehabilitation of a 100-unit senior affordable rental housing project. The project will consist of one-bedroom apartments for seniors who earn at or below 50% and 60% of the area median income. The acquisition/ rehabilitation of this project will continue to provide affordability for 100 seniors for 55 years in Upland, California.