Dec 16, 2016
The Pacific Companies requested that the CMFA issue $33,000,000 in tax-exempt bonds for the construction of the Harvest Park Apartments. The Harvest Park Apartments is a new construction project located on two sites in Gilroy, California. The first site will consist of 32 units located on 2 acres at the northwest corner of Wren Avenue and Cohansey Avenue. The second site will consist of 66 units located on 3.61 acres at the northwest corner of Monterey Road and Cohansey Avenue. This site will contain a 3,093 square foot community building that will be shared by both sites. The financing of this project will provide the City of Gilroy with 96 units of affordable housing for the next 55 years. The financing of this project will provide the City of Gilroy with 96 units of affordable housing for the next 55 years.
Dec 14, 2016
The CMFA issued $7,708,310 in tax-exempt bonds to finance the acquisition and rehabilitation of the Cedar Nettleton Apartments. The Cedar Nettleton Apartments is a 68-unit complex located in Vista, CA. The project was previously two separately syndicated 9% tax credit projects adjacent to each other. They will now be operated as one. The Cedar site was built in 1996 and the Nettleton site was built in 1999. The 2-story development is comprised mainly of townhomes and offers a variety of amenities including a 2,000 square foot community building with a leasing office, two tot lots, laundry facilities, resident organic garden and a central courtyard.
Dec 6, 2016
The Walnut Place Apartments is an acquisition/rehabilitation of a 25-unit affordable senior housing project. The project is made up of 25 units with a mix of studio and 1-bedroom units, as well as a 2-bedroom manager’s unit. The property is located across the street from the West Marin Medical Clinic and within walking distance of local shopping. The project was built in 1985 and is in need of rehabilitation. Among the improvements to the property will be significant upgrades to the accessibility features in and outside the building. Sustainable and “green” materials will be incorporated into the rehab scope providing beneficial cost savings to the property’s operating costs and reduction in environmental pollution. This financing will help preserve high quality affordable housing for 24 senior households in the County of Marin for another 55 years.
Dec 5, 2016
The Skid Row Central 1 Apartments project is a scattered site re-syndication and rehabilitation of two existing affordable multi-family rental developments known as Rossmore Apartments and Weldon Apartments, located at 507 Maple Avenue, Los Angeles, and 905 East 6th Street, Los Angeles, California. Rossmore is comprised of 57 units and Weldon has a total of 54 units. The project involves the refinance of existing public debt with 4% Low Income Housing Tax Credits and tax-exempt bonds. Renovations include the retrofitting of major building systems to increase the physical lifetime and energy efficiency of each building and increase the financial sustainability of the project. Both projects are made up of studio apartments serving formerly homeless households making 50% and 60% or less of Area Median Income. This financing will help preserve 111 units of high quality, affordable housing for households in the City of Los Angeles for the next 55 years.
Dec 2, 2016
The CMFA issued $6,668,698 in tax-exempt financing for the Esperanza Crossing Apartments. The Esperanza Crossing Apartments project is a new construction project that is located on Woodland Avenue in Yolo County, CA. The project will be comprised of 40 affordable apartment units. There will be a mixture of one-, two- and three-bedroom units. 39 apartment units will be restricted to residents with household incomes no greater than 55% of the Area Median Income. Amenities will include a community building, community Wi-Fi and green area. The project will be located close to transit services, shopping, schools and a library. The financing of this project will result in the creation of 39 affordable apartments for the next 55 years in Yolo County.
Nov 30, 2016
The CMFA issued 36,055,000 in tax-exempt bonds for the Pilgrim Place in Claremont. The proceeds of the bonds will be used for (i) the financing and refinancing of various interior and exterior renovations and improvements, landscaping and grounds improvements, and renovation and facility upgrades related to technology, telecommunication, energy conservation and building systems (the “New Money Project”); (ii) the advance refunding of its $25,730,000 Insured Senior Living Revenue Bonds (Pilgrim Place in Claremont) Series 2009A, which were issued for the purpose of financing and refinancing certain costs associated with the acquisition, construction, improvement, equipping and furnishing of the residential and assisted living facilities (the “Refunding Project” and, together with the New Money Project, the “Project”); (iii) the payment of certain expenses incurred in connection with the issuance of the Bonds, which costs include the costs of credit enhancement; and (iv) the funding of a debt service reserve fund for the Bonds.
Nov 30, 2016
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.
Nov 18, 2016
The Mackey Terrace Apartments is an acquisition/rehabilitation of a 50-unit affordable senior housing project. The project is made up of 49 units with a mix of studio and 1-bedroom units and a 2-bedroom manager’s unit. The property was built in 1992 with a HUD 202 Direct Loan. HUD has provided a HAP Contract that provides rent subsidy to all 49 residential units. The property is located within a residential area with shopping and transportation close by. Among the improvements to the property will be significant upgrades to the accessibility features in and outside the building. Sustainable and “green” materials will be incorporated into the rehab scope providing beneficial cost savings to the property’s operating costs and reduction in environmental pollution. This financing will help preserve high quality affordable housing for 49 senior households in the City of Novato for another 55 years.
Nov 18, 2016
The Antelope Valley Apartments is a 121-unit acquisition/rehabilitation affordable multi-family housing property. The property is an existing apartment project that is currently occupied. Upon completion, one hundred (100%) percent of the rental units will be rent and income restricted. 24 units will be restricted at 50% Area Median Gross Income (AMGI) and 95 units will be restricted at 60% AMGI.
Nov 18, 2016
The CMFA recently issued $3,000,000 in tax-exempt financing for Beech Charter School. The proceeds of the Bonds will be used for a plan of finance consisting of financing the following: (1) the acquisition land and the improvements thereto located at 44339 Beech Avenue, Lancaster, California 93534 and the construction of additional improvements; (2) capitalized interest, if necessary, with respect to the Bonds; (3) a reserve fund, if necessary, with respect to the Bonds; and (4) certain expenses incurred in connection with the issuance of the Bonds
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