Archive for November, 2016

Pilgrim Place Finances Continuing Care Retirement Community Project with Tax-Exempt Bonds

Nov 30, 2016

The CMFA issued 36,055,000 in tax-exempt bonds for the Pilgrim Place in Claremont. The proceeds of the bonds will be used for (i) the financing and refinancing of various interior and exterior renovations and improvements, landscaping and grounds improvements, and renovation and facility upgrades related to technology, telecommunication, energy conservation and building systems  (the “New Money Project”); (ii) the advance refunding of its $25,730,000 Insured Senior Living Revenue Bonds (Pilgrim Place in Claremont) Series 2009A, which were issued for the purpose of financing and refinancing certain costs associated with the acquisition, construction, improvement, equipping and furnishing of the residential and assisted living facilities (the “Refunding Project” and, together with the New Money Project, the “Project”); (iii) the payment of certain expenses incurred in connection with the issuance of the Bonds, which costs include the costs of credit enhancement; and (iv) the funding of a debt service reserve fund for the Bonds.

The CMFA Provides $22,080,000 in Low Cost Tax-Exempt Financing to Paradise Valley Estates

Nov 30, 2016

The proceeds of the Bonds will be used by Northern California Retired Officers Community, a California nonprofit public benefit corporation, to (i) refund all or a portion of the outstanding California Health Facilities Financing Authority Insured Revenue Bonds (NCROC- Paradise Valley Estates Project), Series 2005, in an amount not to exceed $12,000,000, the proceeds of which were used to (a) finance and refinance the acquisition, construction and equipping of the Borrower’s continuing care retirement community located generally at and in the vicinity of  2600 Estates Drive, 2350 Estates Drive and 2800 Estates Drive, Fairfield, California 94533; and (b) pay certain expenses incurred in connection with the issuance of the Prior Bonds; and (ii) finance the acquisition, construction and equipping of an expansion project at the Borrower’s continuing care retirement community located generally at and in the vicinity of 2600 Estates Drive, 2350 Estates Drive and 2800 Estates Drive, Fairfield, California 94533.

EAH Inc. to Benefit Marin County’s Low Income Residents

Nov 18, 2016

The Mackey Terrace Apartments is an acquisition/rehabilitation of a 50-unit affordable senior housing project. The project is made up of 49 units with a mix of studio and 1-bedroom units and a 2-bedroom manager’s unit. The property was built in 1992 with a HUD 202 Direct Loan. HUD has provided a HAP Contract that provides rent subsidy to all 49 residential units. The property is located within a residential area with shopping and transportation close by. Among the improvements to the property will be significant upgrades to the accessibility features in and outside the building. Sustainable and “green” materials will be incorporated into the rehab scope providing beneficial cost savings to the property’s operating costs and reduction in environmental pollution. This financing will help preserve high quality affordable housing for 49 senior households in the City of Novato for another 55 years.

The CMFA recently completed a $17,600,000 financing for the Antelope Valley Apartments

Nov 18, 2016

The Antelope Valley Apartments is a 121-unit acquisition/rehabilitation affordable multi-family housing property. The property is an existing apartment project that is currently occupied. Upon completion, one hundred (100%) percent of the rental units will be rent and income restricted. 24 units will be restricted at 50% Area Median Gross Income (AMGI) and 95 units will be restricted at 60% AMGI.

CMFA Issues Financing for Beech Charter School

Nov 18, 2016

The CMFA recently issued $3,000,000 in tax-exempt financing for Beech Charter School. The proceeds of the Bonds will be used for a plan of finance consisting of financing the following: (1) the acquisition land and the improvements thereto located at 44339 Beech Avenue, Lancaster, California 93534 and the construction of additional improvements; (2) capitalized interest, if necessary, with respect to the Bonds; (3) a reserve fund, if necessary, with respect to the Bonds; and (4) certain expenses incurred in connection with the issuance of the Bonds

CMFA Issues Tax-Exempt Financing for Westmont College

Nov 17, 2016

The college is an independent, coeducational, four-year Christian college offering a rigorous liberal arts curriculum. The College enrolls about 1,200 students on campus each semester with another 100 students participating in programs away from campus.  Students come from 24 states, 11 countries, with 33 denominations. The campus is located in a beautiful, wooded section of Montecito on 111 acres with 24 major buildings. 

Westmont College has requested that the California Municipal Finance Authority participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $80,000,000 pursuant to a plan of financing to: (a) finance and refinance the acquisition, construction, improvement, renovation, upgrading and equipping of certain educational facilities, including related administrative           facilities, site improvements, and parking, located at the College’s Montecito Campus facilities at 955 La Paz Road, Santa Barbara, California 93108, including but not limited to, (i) a 45,000 square foot residence hall facility; and (ii) various other qualified educational facilities, buildings, improvements and infrastructure, as determined from time to time by the College, located at or adjacent to the Campus; (b)refinance all or a portion of the College’s outstanding California Municipal Finance Authority Variable Rate Demand Revenue Bonds, issued to, (i) finance or refinance the costs of acquisition, construction, improvement, renovation, upgrading or equipping of educational facilities located at or adjacent to the Campus, including (A) a 28,000 square foot visual arts building; (B) a 42,000 square foot science building; (C) a 1,500 square foot observatory; (D) a central plant building to heat and cool the new buildings being constructed; (E) various infrastructure improvements on the Campus, including, without limitation, construction of a new perimeter road around and throughout the Campus; (F) new baseball and soccer fields, an all-weather track, stadium seating areas, dugouts and storage and restroom facilities; (G) a 44,000 square foot residence hall facility; and (H) various other qualified educational facilities, buildings, improvements and infrastructure, as determined from time to time by the College; (ii) fund a debt service reserve fund with respect to the 2010A Bonds; (iii) pay capitalized interest on the 2010A Bonds; and (iv) pay the costs of issuance of the 2010A Bonds; (c) pay funded interest with respect to the Bonds; and (d) pay costs of issuance and certain interest with respect to the Bonds.

California Baptist University Selects the CMFA as Issuer

Nov 17, 2016

California Baptist University (“CBU”) is one of the top private Christian colleges and universities in Southern California. CBU offers bachelor’s, master’s and credential programs in Riverside, San Bernardino and online. California Baptist University believes each person has been created for a purpose.

The proceeds of the bonds will be used to (1) finance and refinance all or a portion of the acquisition, construction, improvement and equipping of educational and related facilities, including related administrative facilities, site improvements, parking structures and surface parking, all located at the Borrower’s main campus at 8432 Magnolia Avenue, 3532 and 3626 Monroe Street, 8775 Magnolia Avenue and 8230 Magnolia Avenue, Riverside California.

The CMFA Closes Tax-Exempt Financing for the Park Avenue Seniors Apartments

Nov 17, 2016

The Park Avenue Senior Apartments project is a new construction project of a 100-unit affordable senior housing development. The development is an affordable housing, transit-oriented development to be located in downtown San Jose. The Housing Authority of the County of Santa Clara will be acting as the developer. The project is just over one acre and will consist of a five-story podium style building with garage and fitness room on the first floor and four stories of residential units above. There will be a total of 42 parking spaces and 100 units with 99 being restricted for low-income seniors and one unit set aside as a manager’s unit. This financing will create 99 units of affordable senior housing in the City of San Jose for the next 55 years.

The CMFA Completed the issuance of $17,940,000 in Bonds for Nova Academy

Nov 16, 2016

Since 2005, NOVA Academy Early College High School has provided a rigorous yet nurturing learning environment, giving students the unique opportunity to earn college credits while completing high school. A tuition-free charter school accredited by the Western Association of Schools and Colleges (WASC), NOVA Academy instills a culture of college readiness while sustaining a 98% graduation rate.

The proceeds of the bonds will be used for the purpose of: (i) financing the costs of the acquisition, construction, renovation, improving and equipping of land and education and related facilities to be leased to the Lessee for use as a charter school and located at 500 West Santa Ana Boulevard, Santa Ana; (ii) funding a debt service reserve fund; (iii) paying capitalized interest on the Series 2016 Bonds; and (iv) paying certain issuance expenses.

The CMFA Completed the issuance of $10,000,000 in Bonds for be.group

Nov 14, 2016

The Westminster Court Apartments is an Acquisition/Rehabilitation of an affordable senior housing development located at 6850 Florence Avenue, Bell Gardens, California. The project consists of 75 units in a single building facility. The apartment complex was built in the 1980s and is an existing affordable senior project. The project consists of studio and one bedroom apartments for people who earn at or below 60% of the area median income. This senior community has a beautifully landscaped courtyard, an outdoor recreation area, a community room and the resident services will have an on-site service coordinator. The acquisition/ rehabilitation of this project will continue to provide housing for 74 seniors for another 55 years

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