Jun 13, 2019
Town and Country Manor will use the proceeds of the Bonds, together with other available funds, to (i) finance a portion of the acquisition, construction, improvement and equipping of a new two-story 48 unit, 88 bed memory care facility and related parking garage of the Community, including capitalized interest on the Bonds through October 1, 2020; (ii) redeem all of the Authority’s Refunding Revenue Bonds (Town and Country Manor), Series 2013 (the “Prior Bonds”), issued to refinance the acquisition, construction, improvement and equipping of certain retirement, nursing and assisted living facilities of the Community; (iii) fund a bond reserve account for the benefit of the Bonds; (iv) pay an insurance premium and related fees to the Office of Statewide Health Planning and Development of the State of California; and (v) pay costs of issuance of the Bonds.
The Project entails a new two-story, 50,564 square foot building that will include 48 units (8 private rooms and 40 semi-private rooms) and 88 beds. The building will be separated into four neighborhoods with therapeutic kitchens, quiet rooms, spas, activity rooms, and large dining and entertainment centers. The facility will also include a food preparation kitchen, housekeeping, storage space and personal laundries. Outdoor spaces will consist of a “walled-in” memory garden on the first floor and a sun deck/ terrace on the second floor. The Project will also include the construction of a 24,728 square foot one-story basement parking garage, with 51 car parking spaces and storage, commercial laundry and utility rooms. Upon completion of the Project, the Community will consist of 361 units/beds.
Jun 12, 2019
The Santa Clara University financing proceeds will be used to refinance indebtedness of the Borrower that was incurred to finance and refinance the acquisition, construction, improvement, rehabilitation, renovation and equipping of educational facilities owned by the Borrower and located on the Borrower’s campus at 500 El Camino Real, Santa Clara, California.
Jun 12, 2019
Salerno Apartments is a new construction project located in Irvine on a 2.58-acre site. The project consists of 79 restricted rental units, and one unrestricted manager’s unit. The project will have 24 one-bedroom units, 16 two-bedroom units and 40 three-bedroom units. The building will be four stories and slab on grade. Common amenities include community gathering space, swimming pool and tot lot. Each unit will have a washer and dryer. There are 173 parking spaces provided. Green features include a non-smoking policy, graywater irrigation and energy efficiency 7% beyond 2016 building code standards. The construction is expected to begin June 2019 and be completed in June 2020. This financing will create 79 units of affordable housing in the City of Irvine for the next 55 years.
May 21, 2019
Parkside Villa Apartments & Rockwell Manor Apartments is an existing scattered-site project located in the City of Fairfield on two parcels with a combined area of 7.27 acres. The project consists of 116 restricted rental units, 10 market rate units and 2 unrestricted manager units distributed as 88 two-bedroom units and 40 three-bedroom units. Building exterior renovations will include new roof, window and sliding door replacement, new entry doors and hardware, and fresh paint. Interior renovations will include upgrades to the laundry facilities, leasing office and fitness/business center. Individual units will be updated with new heating/AC units, new water heaters, electrical upgrades, new flooring and window coverings, new kitchen appliances, new kitchen and bathroom cabinets, countertops, plumbing fixtures, and fresh paint. Site area renovations will include new fencing and lighting, sidewalk repairs, asphalt sealing and re-striping, and improvements to the landscaping and signage. The rehabilitation is expected to begin in April 2019 and be completed in December 2019. The financing of this project will result in preserving affordable housing for 116 low-income households in the City of Fairfield for another 55 years.
May 21, 2019
The CMFA issued $3,690,000 in tax-exempt financing for the Vista Las Flores Apartments. The proceeds will be used to acquire/rehabilitate a 28-unit affordable housing project located at 6408 Halyard Place, Carlsbad, CA. The Project needs renovation to address certain unit, building and common area concerns. The units will be restricted to households earning 50% and 60% or less of area median income (AMI). Amenities include community room, computer lab, laundry room, courtyard/picnic area and playground. Services include after school programs, adult education classes and reading literacy skill building programs for youth and adults. This financing will preserve 27 units of affordable housing for the City of Carlsbad for another 55 years.
May 17, 2019
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 $3,851,702 in residential PACE bonds today.
May 14, 2019
The CMFA issued $19,585,000 in tax-exempt bonds for the San Benito School District. The proceeds of the bonds will be used to complete the Science and Robotics Building. Additionally, the financing will provide funding to complete ADA compliance on its Main Campus, to demolish and infill old swimming pools, and to complete the Ag to ASB conversion. The total project cost of $18.5 million will be funded through the issuance of Lease Revenue Notes.
May 8, 2019
The CMFA Completed the issuance of $74,170,000 in Bonds for the William Jessup University. The proceeds will be used to refinance all or a portion of one or more loans used to acquire, construct, furnish and/or equip educational facilities of the Borrower’s campus located at 2121 University Avenue, Rocklin, California 95765.
May 6, 2019
The proceeds of the tax-exempt loan will be used for (1) paying, or reimbursing money advanced to pay, certain costs of acquiring, constructing, renovating, improving, equipping and installing certain educational facilities, including related support and administrative facilities and site improvements, located on or adjacent to the School’s main campus at 302 Portola Road, Portola Valley, California, 94028, including certain new faculty housing facilities and expansion of and improvements to campus dining facilities and all related fixtures, furnishings and equipment located or to be located within the County of San Mateo, California; and (2) paying the costs of issuance and certain interest with respect to the Loan.
Apr 22, 2019
The CMFA issued $33,118,719 for Las Ventanas Apartments. Las Ventanas Apartments is a new construction project located in the City of Long Beach on a 1.01-acre site. The project will consist of 78 restricted rental units, 1 unrestricted manager unit and 23 units at 80% AMI. The unit mix includes 1 studio unit, 49 one-bedroom units, 25 two-bedroom units and 27 three-bedroom units. The single building will consist of four residential stories over ground floor retail space and one level of semi-subterranean parking. Common amenities include a community room with computer lab, laundry facilities, management offices and open courtyard with barbeque area. Each unit will feature a kitchen equipped with refrigerator, range/oven, dishwasher and garbage disposal. Sixty-nine residential parking spaces, nine retail parking spaces and five motorcycle parking spaces will be provided in addition to secured bicycle parking spaces. The project will pursue LEED certification. The financing of this project will result in the creation of affordable housing for 78 low-income households in the City of Long Beach for the next 55 years.
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