CMFA Issues a $175,065,00 Tax-Exempt Financing for the CHF-Riverside II, LLC
Jul 17, 2019
The proceeds will be used to finance the costs of construction of a science and technology building, remodeling current middle school classrooms, restructuring a parking lot, and upgrading the middle school quad, including all associated design, engineering and planning costs related thereto and related capital project costs (collectively, the “Facilities”) and paying related expenses incurred with respect to the Loans. The owner and operator of the Facilities will be the School, which is located at 19692 Lexington Lane, Huntington Beach, California.
CMFA Issues a $175,065,00 Tax-Exempt Financing for the CHF-Riverside II, LLC
The project, to be known as the “North District Phase I” will consist, approximately, of a 1,500-bed student housing facility (the “Series 2019 Project”). The 2019 Project will also include the constructing and improving certain landscaping, hardscaping utility lines, access roads, loading docks and sidewalks on land owned by The Regents, but not leased to the Borrower. The site for the construction of the Series 2019 Project (the “Series 2019 Project Site”) is on approximately 15 acres on the campus of UC Riverside to be situated along an extension of Aberdeen Drive in Riverside, California. The Series 2019 Housing Project is intended primarily for upper-division undergraduate students. Construction of the Series 2019 Project is scheduled to begin in July 2019. The Developer and UC Riverside anticipate that the Series 2019 Project will be complete in time for occupancy for Fall 2021.
The Series 2019 Project will include one five -story apartment building, one six-story apartment building, community spaces and support facilities. The approximately 25,000 gross-square-feet of community spaces located on the ground floors of the buildings will include a variety of student-oriented amenities, including a fitness center, leasing and business offices, lounges, multi-purpose and seminar rooms and a University-operated market. Floors where the students reside will include small group study spaces and outdoor terraces.
The Series 2019 Project will provide apartment-style accommodations in a combination of single and double occupancy rooms and bathrooms, with shared living and dining space in each apartment. The Series 2019 Project will include approximately 415 undergraduate units Additionally, the Series 2019 Project will include approximately four residential units for staff.
All Series 2019 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 closet, full sized bed, desk and chair. Students will also have high-speed wireless internet service, the cost of which will be included in the rental rate.