Archive for December, 2018

The CMFA Works with MidPen Housing Corp. to Finance Affordable Housing with Tax-Exempt Financing of $42,823,442

Dec 26, 2018

Vista Estero Apartments is a new construction project located in Oakland on a .78-acre site. It consists of 109 restricted rental units and 1 unrestricted managers’ unit. The project will have 106 one-bedroom units and 4 two-bedroom units. The building will be a four-story frame structured building over a two -story podium base. Common amenities include a large community room, lounge, fitness room, management offices, conference space, craft room, computer room and laundry room. Each unit will have a kitchen, bathrooms and closets. There are 82 parking spaces provided. The project will be pursuing LEED certification. Green features include energy and water efficient appliances and fixtures, solar thermal and photovoltaic panels to offset the hot water heating costs and drought-tolerant landscaping. The construction is expected to begin December 2018 and be completed in December 2020. The financing of this project will result in creating affordable housing for 109 low-income households in the City of Oakland for 55 years.

CMFA Completes the Issuance of $26,562,000 in Bonds for Paseo Estero Apartments

Dec 26, 2018

Paseo Estero Apartments is a new construction project located in Oakland on a .98-acre site. The project will be a “Hybrid” 9%/4% tax credit application. It consists of 60 restricted rental units. It will have 24 one-bedroom units, 6 two-bedroom units and 30 three-bedroom units. The building will be a two-elevator serviced, four story wood-frame structure built on two stories of a concrete podium. Common amenities include a lobby area, a multipurpose room, a computer lounge, fitness rooms, laundry rooms, management & services offices, a landscaped courtyard with playground and a BBQ grilling area. Each unit will have a refrigerator, range/oven and dishwasher. The project will be pursuing LEED certification. The construction is expected to begin December 2018 and be completed in November 2020.The financing of this project will result in creating affordable housing for 60 low-income households in the City of Oakland for 55 years.

The CMFA Provides $54,784,000 in Low Cost Tax-Exempt Financing to Christian Church Homes for the Westlake Christian Terrace West Apartments

Dec 26, 2018

Westlake Christian Terrace West Apartments is an existing project located in Oakland on a 1.11-acre site. The project consists of 199 restricted rental units and 1 unrestricted manager unit distributed as 199 one-bedroom units and 1 two-bedroom unit. Exterior renovations consist of the removal of wall panels to be replaced with stucco, new roof, seismic structural upgrades, window replacement, new HVAC equipment, trash room reconfiguration to meet code and new balcony railing. Interior renovations include reconfiguration of ground floor common areas for enhanced accessibility and functionality, updates to management offices, new computer center, updated restrooms, upgraded laundry facility, elevator improvements and a new security entry system. Individual apartment unit upgrades include new plumbing fixtures and appliances, upgrades to heating/AC, electrical and plumbing improvements, upgrades to telephone and Internet cabling, improved insulation and fresh paint. Twenty units will be converted to accessible units and 11 will be upgraded with audiovisual communication features. Common area renovations will include repair of site drainage, sewer and irrigation, updated landscaping, improved sidewalk accessibility, new lighting, fence replacement, relocation of emergency generator, new security cameras, re-sealing of parking lots, addition of ADA parking and new signage. The rehabilitation is expected to begin in July 2018 and will be completed in February 2020. This financing will preserve 199 units of affordable housing in the City of Oakland for the next 55 years.

The CMFA recently completed a $20,000,000 financing for the Judson Terrace Apartments

Dec 21, 2018

Judson Terrace Homes Apartments is an existing project located in San Luis Obispo on a 2.82-acre site. The project consists of 101 restricted rental units, 4 unrestricted units and two unrestricted managers’ units. The project has 70 one-bedroom units and 37 studio units. Building renovations will consist of replacing HVAC systems, upgrading finishes, limited framing repairs due to dry rot, and improvements to site drainage. The rehabilitation is expected to begin in January 2019 and be completed in January 2020. Built in 1968, the project is comprised of 11 two-story residential apartments with elevators and a shared community building. While the property has been well maintained, many of the building systems are at, or beyond, the end of their useful lives, and the property is in need of a moderate rehabilitation. Site work will include upgrading lighting with LED fixtures, removing and replacing concrete to meet ADA accessibility requirements, providing more centralized trash enclosures, replacing the asphalt shingle roof, repainting exterior buildings, and replacing all exterior doors and windows at units. Units will have kitchen cabinets replaced. The financing of this project will result in preserving affordable housing for 101 low-income households in the City of San Luis Obispo for another 55 years.

CMFA Issues $26,670,000 Financing for San Pablo Hotel Apartments

Dec 17, 2018

The CMFA recently issued $26,670,000 in tax-exempt financing for San Pablo Hotel Apartments. San Pablo Hotel Apartments is an existing project located in Oakland on a 0.62-acre site. The project consists of 142 restricted rental units and 2 restricted manager units. All of the units are single room occupancy, including the manager units. 112 of the units have shared bathrooms, 32 have private bathrooms and all include a kitchenette. Building exterior renovations consist of siding repair, roof repair, new glass entry doors at courtyard entry and solarium, HVAC reconfiguration and new paint. Interior renovations include upgrades to the community room and adjacent kitchen and restrooms, modernization of both elevators, upgrades to life/safety systems and installation of an emergency power generator. Individual units will be updated with new appliances, cabinets, flooring and light fixtures. Some units will be improved to address accessibility and vision/hearing impairment requirements. Lastly, common area renovations consist of landscape/hardscape upgrades and new LED light fixtures. The rehabilitation is expected to begin in November 2018 and will be completed in August 2019. The financing of this project will result in the preservation of affordable housing for 144 low-income households in the City of Oakland for 55 years.

UC Riverside Finances Dundee Residence Hall and Glasgow Dining Facility with a $145,850,000 Issuance From the CMFA

Dec 14, 2018

The project, to be known as the “Dundee Residence Hall” and “Glasgow Dining Facility,” will consist, approximately, of an 820-bed student housing facility (the “Series 2018 Housing Project”) and an 830-seat dining facility (the “Series 2018 Dining Project” and, together with the Series 2018 Housing Project, the “Series 2018 Project”) with related amenities and improvements.  The site for the construction of the Series 2018 Project (the “Series 2018 Project Site”) is on approximately 3.55 acres on the campus of UC Riverside.  The Series 2018 Housing Project is intended primarily for undergraduate students.  Construction of the Series 2018 Project is scheduled to begin in December 2018.  The Developer and UC Riverside anticipate that the Series 2018 Project will be complete in time for occupancy or use, as applicable, for Fall 2020.

The Series 2018 Housing Project will consist of an approximately 174,000 gross square foot two building, seven-story undergraduate residential student housing community, including community space and support facilities.  The approximately 13,000 gross square foot community space will include an academic center with study and meeting rooms, laundry facilities, multi-purpose rooms, community bathrooms, a fitness center, leasing offices, lounges and a mail center.  Outdoor recreation spaces will include seating, ping pong tables, bike storage, and green space for student use.

The Series 2018 Project also includes the Series 2018 Dining Project, which is expected to be an approximately 51,000 gross square foot two-story stand-alone dining facility that will seat approximately 830 students.

The Series 2018 Housing Project will include approximately 398 undergraduate units, consisting of, approximately, 24 single-occupancy one-bedroom units (195 net rentable square feet), 300 double-occupancy units (220 net rentable square feet), 60 lofted triple-occupancy units (220 net rentable square feet), 12 single-occupancy resident assistant units (220 net rentable square feet) and 2 double-occupancy, two bath resident director apartments (951 net rentable square feet).

All Series 2018 Housing Project units will include individual air conditioning, be fully furnished and have connections for high-speed Internet access.  Each student will have his or her own wardrobe, full or twin sized bed, desk, desk chair and stackable dresser.

The CMFA Issues $525,000,000 in Tax-Exempt Debt for the West Village Student Housing Project at UC Davis

Dec 13, 2018

The project known as the “West Village Student Housing Project” (the “Series 2018 Project”) will consist, approximately, of a 1,260-unit, 3,279-bed student housing facility and related amenities and improvements, including dedicated surface lot and street parking spots for up to 1,440 vehicles. The site for the construction of the Series 2018 Project (the “Series 2018 Project Site”) is on approximately 49 acres on the campus of UC Davis that will be leased to the Borrower pursuant to a Ground Lease Agreement between The Regents, as ground lessor, and the Borrower, as ground lessee. The Series 2018 Project is intended primarily for undergraduate students. The developer and construction manager for the Series 2018 Project will be University Student Living LLC. Construction of the Series 2018 Project is scheduled to begin in December 2018. The Developer and UC Davis anticipate the Series 2018 Project will have approximately 1,000 beds completed in time for occupancy for Fall 2020 and that the remaining approximately 2,279 beds will be completed in time for Fall 2021 occupancy. The completed Series 2018 Project will be operated, managed and maintained by University Student Living Management, LLC. However, UC Davis Student Housing and Dining Services will retain certain marketing and leasing obligations on behalf of the Series 2018 Project. 

The proposed project consists of approximately 1.27 million gross square feet (gsf) of student apartment buildings with a 10,0000 gsf community center and support facilities to serve transfer students and continuing undergraduate students. The buildings would include approximately 3,279 beds within approximately 1,260 student apartment units including bedrooms, kitchens/ dining rooms, bathrooms and living rooms. Units will include a mix of studio, one-, two- and four-bedroom units including both single-occupancy and double-occupancy rooms. Units will range in size from approximately 350 gsf to approximately 1,200 gsf in size.

Vehicle parking would be provided in surface lots and permitted street parking for approximately 1,440 vehicle spaces constructed to the areas both north and south of the project and will be accessible by driveways located off Acer Street, Tilia Street, Jade Street, and Hutchison Drive.

Bicycle parking will be provided at approximately one space per bed, for a total of approximately 3,340 spaces. Spaces will be provided in close proximity to the community center and all apartment buildings with the majority being within the interior courtyards of the main building clusters.

Orange County teams up with the CMFA to Finance Phase II of the Orange County Civic Center Infrastructure Improvement Program.

Dec 13, 2018

The CMFA issued $185,705,000 to (1) finance the costs of the Phase II Project, which consists of the acquisition, construction and equipping of a new office building that includes administrative offices of the County, a room for Board of Supervisors and department meetings, and two levels of below-grade secured employee parking for the County as Phase II of the County’s Civic Center Infrastructure Improvement Program, (2) fund capitalized interest, (3) pay costs of issuance of the Bonds.