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.

CMFA Issues Financing for Kensington II Apartments

Nov 29, 2018

The CMFA recently issued $8,000,000 in tax-exempt financing for Kensington II Apartments. Kensington II Apartments is a new construction project located in the City of Lancaster on a 3.5-acre site. The project will provide 50 restricted rental units and one unrestricted manager unit, all of which will be one-bedroom. The project consists of 4 two-story buildings. Common amenities include a large outdoor community area, community rooms, laundry facilities, exercise room, storage, full-time security service and digital surveillance monitoring system. Each unit will feature kitchens equipped with a stove, refrigerator and disposal. Seventy parking spaces will be provided. Construction is scheduled to begin in October 2018 and be completed in March 2020. This financing will create 50 units of affordable housing in the City of Lancaster for the next 55 years.

The CMFA Provides $24,660,000 in Low Cost Tax-Exempt Financing to California Armenian Homes

Nov 20, 2018

The California Home for the Aged, Inc will use the proceeds of the Bonds, together with other available funds, to (i) refinance a taxable loan (the “Prior Loan”) with Bank of the West, in the aggregate principal amount of $25,500,000, of which $25,500,000 currently is outstanding, which was incurred for the purpose of acquiring, constructing, expanding, equipping and furnishing improvements known as “The Vineyards” at the Corporation’s continuing care retirement community and related facilities; (ii) finance the termination of existing interest rate swap agreements and costs related thereto; (iii) fund a Bond Reserve Account for the benefit of the Bonds; (iv) pay the insurance premium to the OSHPD; and (v) pay certain of the costs of issuance of the Bonds and the refinancing of the Prior Loan.

CMFA Financings Enable $165,000 in Contributions to California Nonprofits

Nov 16, 2018

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Five 501(c)(3) organizations received a total of $165,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 6 well-deserving organizations include:

Olive Crest

Western University of Health Sciences

Bev’s Angel Project

Las Trampas School Inc.

Xenophon therapeutic Riding Center

Rainbow Family Ministry, Inc.

The CMFA PACE Program Issues $3,956,968 in Property Assessed Clean Energy Bonds

Nov 16, 2018

PACE (Property Assessed Clean Energy) is an innovative program that provides residential and commercial property owners with low-cost, long-term financing for water conservation, energy efficiency, and renewable energy improvements. All while helping local governments meet their water and energy conservation objectives.

The CMFA issued another $3,956,968 in residential PACE bonds today.

The CMFA recently completed a $6,105,000 financing for Lincoln Glen Manor

Nov 8, 2018

The proceeds of the Bonds, and certain moneys of the Corporation, will be used to (a) finance the conversion of twelve independent living units to seventeen memory care units and to make certain other facility capital improvements, all located at the Corporation’s multi-level rental, continuing care retirement community located at 2671 Plummer Avenue in San Jose, California, (b) fund the Debt Service Reserve Fund in an amount equal to the Debt Service Reserve Fund Requirement, and (c) pay a portion of the costs of issuance of the Bonds.

The CMFA Issues $13,000,000 in Tax-Exempt Bonds for the Escondido Gardens Apartments Project

Nov 2, 2018

The Escondido Gardens Apartments is an acquisition/rehabilitation of a 92-unit affordable housing project for Seniors.  The Project needs renovation to address certain unit, building and common area concerns. The units will be restricted to households earning 60% or less of area median income (AMI). Amenities include parking with carports, gated community, community room, computer lab, and community kitchen. Services include transportation to shopping and an on-site community service director. This financing will preserve 90 units of affordable housing for the City of Escondido for 55 years.

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