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.
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.
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.
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.
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.
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.
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