The CMFA Provides $22,080,000 in Low Cost Tax-Exempt Financing to Paradise Valley Estates
The proceeds of the Bonds will be used by Northern California Retired Officers Community, a California nonprofit public benefit corporation, to (i) refund all or a portion of the outstanding California Health Facilities Financing Authority Insured Revenue Bonds (NCROC- Paradise Valley Estates Project), Series 2005, in an amount not to exceed $12,000,000, the proceeds of which were used to (a) finance and refinance the acquisition, construction and equipping of the Borrower’s continuing care retirement community located generally at and in the vicinity of 2600 Estates Drive, 2350 Estates Drive and 2800 Estates Drive, Fairfield, California 94533; and (b) pay certain expenses incurred in connection with the issuance of the Prior Bonds; and (ii) finance the acquisition, construction and equipping of an expansion project at the Borrower’s continuing care retirement community located generally at and in the vicinity of 2600 Estates Drive, 2350 Estates Drive and 2800 Estates Drive, Fairfield, California 94533.