Archive for April, 2016

CMFA Completed the issuance of $9,189,559 in Bonds for Golden Valley Health Center

Apr 13, 2016

In September 1972, Golden Valley Health Centers (“GVHC”) opened its doors as a County hospital-operated migrant health program. For the first two years, services were delivered part-time from space available at the hospital.

In 1973, a citizens group agreed to separate from the County and form a nonprofit corporation capable of receiving available migrant health funds. The new group would deliver services full-time from facilities owned by the new nonprofit Merced Farmworkers Health Project, Inc.

Land was purchased later that year and work started on the construction of a small medical and dental clinic. Completed in the summer of 1974, the clinics were ready for their first fulltime medical doctor and dentist. Since that time, GVHC has grown from a migrant health program into a multifaceted corporation with 26 sites and 120 clinicians serving two counties. All in the span of just four decades.

The proceeds of the bonds will be used to refund the outstanding debts and finance the renovation of healthcare facilities to create three new care suites, the build out of 8,100 square feet of leased space in Turlock California, to be used by GVHC as a primary health care center, build out of 2,880 square feet of leased space in Empire California, to be used by GVHC as a primary health care center, the acquisition and renovation of an 8,308 square foot facility in Ceres California to be used as a primary health care center and the renovation of approximately 4,100 square feet of GVHC’s Merced dental facility, to provide facilities for new dental services.

The CMFA Completed the Issuance of $55,900,000 in Bonds for American Gold Star Manor Apartments

Apr 12, 2016

Abode Communities completed the issuance of $55,900,000 of tax-exempt bonds to finance the acquisition and rehabilitation of a 348-unit multifamily housing residential facility located at 3021 North Gold Star Drive in the City of Long Beach, California, and to be commonly known as American Gold Star Manor. A total of 337 senior households will continue to be able to enjoy high quality, independent, affordable housing in the City of Long Beach. Amenities provided will include a large community room, gym, computer lab, pool and hot tub. The project will provide services such as the use of a Van for trips to various stores and amenities nearby. The rehabilitation of this project will continue to provide affordable senior living in the City of Long Beach for 55 years.

The CMFA Completes Cost Effective Financing for Xavier College Preparatory High School

Apr 12, 2016

The CMFA issued bonds for the Xavier College Preparatory High School The proceeds of the Bonds will be used by Xavier College Preparatory High School to refinance the $6,000,000 outstanding principal amount of an existing taxable loan used to finance the acquisition, construction, improvement and equipping of the existing school facilities located at 34-200 Cook Street, Palm Desert, California; and to finance and refinance the acquisition, construction, improvement and equipping of school expansion and related road improvements located at 34-200 Cook Street, Palm Desert, California.

The CMFA issues $30,000,000 in Bonds to The Center for Early Education located in West Hollywood, California

Apr 6, 2016

The Center for Early Education (the “CEE”) was founded in 1939 by a group of parents, most of whom were professional psychoanalysts. At a time when preschool education was in its infancy, CEE’s Founders pioneered a school dedicated to the needs of young children. The CEE wished to finance and/or refinance the acquisition, construction, improvement and equipping of certain educational facilities, including related administrative facilities, site improvements, and parking, located in the City of West Hollywood, California.

The CMFA issues $20,192,502 in Bonds to the Family Healthcare Network for facilities located in Tulare Country, California

Apr 6, 2016

Family Healthcare Network (the “Corporation”) is a nonprofit public benefit corporation. The Corporation is a ‘safety-net provider’ that is currently licensed as a community clinic with the California Department of Public Health and is licensed as a Federally Qualified Health Center. Proceeds of the Bonds will be used to finance and refinance prior bonds issued on behalf of the facilities located in the Cities of Porterville and Visalia, California.

CMFA issues $45,660,000 in Bonds to The Palmdale Aerospace Academy located in Palmdale, California

Apr 5, 2016

Design, Create, Explore, LLC (the “Borrower”) is a California limited liability company whose sole member is The Palmdale Aerospace Academy Foundation, a California nonprofit public benefit corporation. The proceeds of the Bonds will be used for the acquisition of land located on the southwest corner of East Palmdale Blvd. and 35th Street East, in the City of Palmdale, California and the construction and equipping of improvements, including, but not limited to, the construction of an educational facility.