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The CMFA Assists MRK Partners on an $47,000,000 Tax-Exempt Bond Financing

The proceeds of the Bonds will be used for the acquisition and rehabilitation of the Monterey Pines Apartments. The project is a 324-unit multifamily residential rental facility, located at 680 South 37th Street, Richmond, CA. The project consists of 26 two-story buildings. Due to the age and condition of the project, it is in need of substantial rehabilitation. Amenities include a swimming pool, fitness center, clubhouse, laundry facility and gated access. This financing will preserve a much needed 321 units of affordable housing for the City of Richmond for another 55 years.

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