Archive for December, 2018
Dec 31, 2018
Sequoia Commons Apartments is a new construction project located in Goshen on a 3.3-acre site. The project consists of 65 restricted rental units and 1 unrestricted manager unit distributed as 22 one-bedroom units, 22 two- bedroom units and 22 three-bedroom units. The project will be comprised of 11 two-story residential buildings that will contain six units each. Common amenities include a playground, barbecue/picnic area and a centrally-located community building equipped with laundry facility, kitchen, restrooms, computer lab and management office. Units will feature refrigerator, stove and dishwasher. There will be 76 parking spaces provided. Green features include solar photovoltaic power generation, Energy Star kitchen appliances, passive solar design, low water use fixtures and shade tree landscaping. Construction is expected to begin in December 2018 and be completed in December 2019. The financing of this project will result in the creation of affordable housing for 65 low-income households in the community of Goshen for the next 55 years
The CMFA Issues $11,459,808 in Low
Cost, Tax-Exempt Financing for Sequoia Commons Apartments
Sequoia Commons Apartments
is a new construction project located in Goshen on a 3.3-acre site. The project
consists of 65 restricted rental units and 1 unrestricted manager unit
distributed as 22 one-bedroom units, 22 two- bedroom units and 22 three-bedroom
units. The project will be comprised of 11 two-story residential buildings that
will contain six units each. Common amenities include a playground,
barbecue/picnic area and a centrally-located community building equipped with
laundry facility, kitchen, restrooms, computer lab and management office. Units
will feature refrigerator, stove and dishwasher. There will be 76 parking
spaces provided. Green features include solar photovoltaic power generation,
Energy Star kitchen appliances, passive solar design, low water use fixtures
and shade tree landscaping. Construction is expected to begin in December 2018
and be completed in December 2019. The financing of this project will result in
the creation of affordable housing for 65 low-income households in the community
of Goshen for the next 55 years
Dec 28, 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 $10,000,000 in
commercial PACE bonds today for 1919 Market Street.
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.
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.
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.
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.
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.
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.
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.
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.
