Dec 30, 2015
In 2012, Cardenas Three, LLC created Magnolia Foods, a manufacturer of corn and flour tortillas, as well as sopes and other related products. The proceeds of the Bonds will be used to make a loan to Cardenas Three to finance the costs of the acquisition and installation of new food processing equipment to be located at 11058 Philadelphia Avenue, Jurupa Valley, California. This equipment will allow Magnolia Foods the capacity to produce several thousand dozens of tortillas per hour. The equipment is to be owned and operated by Cardenas Three, LLC. The purchasing of new equipment will allow them to continue to grow which in turn will lead to the continued success and subsequent economic benefits to the public and their community.
Dec 23, 2015
The Villa La Esperanza Apartments project is an acquisition/rehabilitation of an existing 75-unit project that will be creating eight additional units of affordable multifamily rental housing. The Project was constructed in 1970 and consists of 19 residential buildings, a community building, and 121 parking spaces. The project will include substantial rehabilitation that includes expansion of the community building and the conversion/addition of eight additional units. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. This project was originally financed with a HUD 236 loan and 4% tax credits. Rents will be restricted to households with incomes no greater than 60% of the area median income.
Dec 21, 2015
Urban Discovery Academy (“UDA”) is a California nonprofit public benefit corporation incorporated February 28, 2008 that operates as a public charter school pursuant to a charter contract authorized and approved by the San Diego Unified School District.
The proceeds of the Bonds will be used to finance the acquisition, design, construction, renovation and equipping of the buildings to be used as educational facilities located in the County of San Diego, California. These improvements will allow UDA to expand its enrollment to over 400 students, and it is anticipated that approximately five additional teachers and administrative personnel will be added.
Dec 21, 2015
The Villa Garcia Apartment project is an acquisition/rehabilitation of an existing 80-unit affordable multifamily rental housing facility. The project, built in 1998, is a two-story garden style building. The property has 40 one-bedroom, 20 two-bedroom and 20 three-bedroom townhouses. The project will include substantial rehabilitation to address replacement of major building systems and to increase energy and water efficiency. Rents will be restricted to households with incomes no greater than 60% of the area median income.
Dec 18, 2015
The proceeds will be used for the (1) financing and refinancing of the acquisition, construction, expansion, remodeling, renovation, improvement, furnishing and equipping of land and facilities located in Escondido, California, known as Redwood Terrace Apartments and financing and refinancing of the acquisition, construction, expansion, remodeling, renovation, improvement, furnishing and equipping of land and facilities located in Duarte, California, known as Westminster Gardens Apartments.
Dec 10, 2015
Celebrating nearly 50 years as one of America’s premier conservatories for the performing arts, American Musical and Dramatic Academy (“AMDA”) is recognized throughout the industry for its rich history and tradition of launching some of the most successful careers in theatre, film and television. The AMDA plans to use the proceeds of the Bonds to refinance and finance a portion of the cost of the acquisition and the equipping and furnishing of its facilities, all to be owned and used by the AMDA in its operations as a conservatory for the performing arts.
Dec 9, 2015
The Sycamore Terrace Apartments is an acquisition/ rehabilitation of a 100-unit senior affordable rental housing project. The project will consist of one-bedroom apartments for seniors who earn at or below 50% and 60% of the area median income. The acquisition/ rehabilitation of this project will continue to provide affordability for 100 seniors for 55 years in Upland, California.
Nov 25, 2015
The Mill Creek Village Senior Apartments is a new construction project consisting of 63 affordable apartments located in the City of Bakersfield. The project will be a 63-unit affordable senior complex made up of a single building that sits on a large lot. The building consists of studio and single bedroom apartments. There will be 62 units available to households with incomes no greater than 60% of the area median income with one unit set aside as a manager’s unit. The financing of this project will result in providing affordable housing for 62 seniors in the City of Bakersfield for 55 years.
Nov 20, 2015
The Arroyo Del Camino Apartments is a new construction project located on a 2.82-acre portion of vacant land located on the NE corner of Corcoran Avenue and Kern Street. The Project will target families earning up to 50% of area median income. This development will provide the City of Avenal with 40 much needed units of affordable housing for the next 55 years.
Nov 16, 2015
The Beverly Park Senior Apartments project is an acquisition/rehabilitation of an existing 49-unit project, currently known as Beth Am Manor Apartments that houses seniors and is subsidized with a Project-Based Section 8 contract. The project will include substantial rehabilitation of each unit as well as rehabilitation to the community room and shared facilities. The rehabilitation aims to increase energy and water efficiency and will include a 20-year renewal of the HAP contract. Rents will be restricted to senior households with incomes no greater than 50% and 60% of the area median income. The apartments are located Los Angeles, California.
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