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