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