CCRC Communities

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City Heights Ten Honored in the 2015 Ruby Awards

City Heights Ten, a City Heights Community Development Corporation and Wakeland Housing and Development Corporation rehabilitation project, was named Housing Project of the Year in the San Diego Housing Federation’s 2015 Ruby Awards held on April 24.

The Ruby Awards recognize excellence in affordable housing. City Heights Ten was honored in the rehabilitation category for providing high quality, affordable housing for families and seniors through the renovation of 132 homes across 10 developments in the City Heights neighborhood, as well as through enhancements to the community center.

CCRC is honored to have been a part of this project, and we congratulate everyone whose hard work led to this exciting achievement.

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Sage Park

The grand opening for Sage Park Apartments, a Los Angeles complex developed by BRIDGE Housing Corporation, was held on April 23. Sage Park provides 90 affordable units for residents with incomes ranging from 30 to 60 percent of the area median income. The development, which was designed to receive LEED Silver certification, includes a fitness room, community room, community garden, laundry facilities and landscaped courtyards.

CCRC, Bank of America Merrill Lynch, Los Angeles Unified School District, Los Angeles Housing and Community Investment Department, the California Tax Credit Allocation Committee and New Generation Fund provided financing for the project.

CCRC congratulates those involved in successfully completing this development, and we wish Sage Park’s new residents the best!

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Arboleda

Arboleda, a new affordable housing community developed by Satellite Affordable Housing Associates, had its grand opening on May 14 in Walnut Creek.

Comprised of two three-story buildings, Arboleda provides a total of 48 homes for low-income families and those with special needs. The development is LEED Platinum certified and features a mixture of one-, two- and three-bedroom apartments, including both two-story townhomes and flats. Residents also have access to a large community room, courtyard, computer room, children’s play structure and free Internet.

Financing for Arboleda was provided by CCRC, Wells Fargo Bank, the City of Walnut Creek, Housing Authority of the County of Contra Costa, Contra Costa County HOME Investment Partnership Act funds, the California Tax Credit Allocation Committee, California Housing Finance Agency, Contra Costa Behavioral Health Services, Federal Home Loan Bank of San Francisco, California Department of Developmental Services and Regional Center of the East Bay.

Congratulations to everyone who contributed to this project and to Arboleda’s new residents.

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CCRC Breaks Ground on Five New Developments

CCRC is thrilled to announce the groundbreaking of five new CCRC-financed properties — Heritage Square, Cielo Carmel, Alice Griffith phase 1 and phase 2, and Sonata at Riverpark.

Heritage Square, a BRIDGE Housing Corporation development, will provide 70 units of affordable housing in Pasadena. Alice Griffith phase 1 and phase 2, developed by McCormack Baron Salazar Inc. in partnership with the San Francisco Housing Development Corporation and Tabernacle Community Community Development Corporation, respectively, will provide 184 apartments for families in San Francisco. Developed by Affirmed Housing, Cielo Carmel will feature 197 homes in San Diego. Sonata at Riverpark, developed by Retirement Housing Foundation in Oxnard, will offer 50 affordable units.

CCRC is excited to be a part of these new developments, and we wish everyone involved the best of luck!

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Pacific Avenue Arts Colony

On April 25, CCRC celebrated the grand opening of Meta Housing Corporation’s new Pacific Arts development in San Pedro.

Intended to provide affordable housing for families in an art-centered community, Pacific Arts features 48 apartment units, as well as art studio space, a workshop area, soundproof room, computer room and street-level gallery space.

CCRC helped finance the project, along with Bank of America Merrill Lynch, the Community Redevelopment Agency of the City of Los Angeles, Los Angeles Housing and Community Investment Department, and the California Tax Credit Allocation Committee.

We extend a warm welcome to Pacific Arts’ new residents and a heartfelt “thank you” to everyone involved in its completion.

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Windsor Redwoods

Location: Windsor, California
Type: 65 one-, two- and three-bedroom apartments
Development Team: Burbank Housing Development Corporation
Lending Team: CCRC was happy to help with this $25-million project by providing a $1.6-million permanent loan and a $1-million Section 8 loan. AEGON USA acted as the tax credit investor and posted $6.6 million in federal tax credit equity. Other financers include the Town of Windsor, Sonoma County, California Dept. of Housing, and others.

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Peninsula Station

Location: San Mateo, CA
Type: Mixed-use, transit-oriented family housing development with 68 rental units
Development Team: MidPen Housing Corporation
Lending Team: CCRC is a proud member of the financing team for this project, along with the City and County of San Mateo, Wells Fargo Bank, Union Bank, HEART of San Mateo County, Enterprise Foundation, and the California Department of Housing and Community Development.

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Foss Creek

Location: Healdsburg, CA
Type: 64 units of new family housing
Development Team: Eden Housing Corporation
Lending Team: Construction lender was Silicon Valley Bank, tax credit investor was US Bank. Additional financing provided by City of Healdsburg. CCRC provided an $800K permanent loan on this award winning project.

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Dolores McCoy Villa

Location:  Los Angeles, CA
Type:  40 two-bedroom and 24 three-bedroom fully furnished apartments
Development Team:  Watts Labor Community Action Committee and Affordable Housing CDC, Inc.
Lending Team:  CCRC was proud to be among the financing team for this project, which also included funds provided by both the City and County of Los Angeles, as did US Bank. Adding the apartment community’s $26 million development cost with its $16 million project-based valuation of the Section 8 contract, McCoy Villa is valued at an aggregate $42 million.

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Andalucia Heights Apartments

Location: Los Angeles, CA
Type: Four one-bedroom, 48 two-bedroom, 20 three-bedroom and three four-bedroom units
Development Team: AMCAL Multi-Housing, Inc. and Women Organizing Resources, Knowledge and Services (W.O.R.K.S.)
Lending Team: The $25-million development received an award of $13.3 million in low-income housing tax credits. CCRC contributed by approving a $2,680,000 commitment for a permanent loan. Other financing partners include JP Morgan Chase, Housing Authority of the County of Los Angeles, Hudson Housing Capital, California Tax Credit Allocation Committee, Los Angeles Housing Department, and State Housing and Community Development.

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Long Beach & Burnett Apartments

Location: Long Beach, CA
Type: 46 two- and three-bedroom housing units, 36 of which are available to moderate-, low- and very low-income households
Development Team: Long Beach Housing Development Company, Meta Housing Corporation and Western Community Housing
Lending Team: The Long Beach Housing Development Company invested $9.9 million of redevelopment 20% Tax Increment Housing Set Aside funds for the project. The City of Long Beach also provided $9.3 million for the project. Red Stone Equity Partners acted as the tax credit investor.

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Mercado Apartments

Location: Perris, CA
Type: Apartment Complex
Development Team: AMCAL Multi-Housing, Inc.
Lending Team: CCRC, CHASE and the City of Perris RDA Grant

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Rodney Fernandez Gardens

Location: Santa Paula, CA
Type: Affordable Housing
Development Team: The Cabrillo Economic Development Corporation
Lending Team: Citibank, California Tax Credit Allocation Committee, National Equity Fund, Inc., California Department of Housing and Community Development, the U.S. Department of Agriculture, and more.

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Encanto del Mar

Location: Ventura, CA
Type: Affordable Housing Complex
Development Team: Housing Authority of the City of San Buenaventura
Lending Team: CCRC, First California Bank, Alliant Capital, Ltd., the County of Ventura and the Department of Housing and Community Development

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Juniper Apartments

Location: Manteca, CA
Type: Apartment Complex
Development Team: CFY Development
Lending Team: CCRC, RBC Capital Markets, U.S. Banks and the City of Manteca

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Mission Apartments

Location: San Diego, CA
Type: Affordable Housing Complex
Development Team: AMCAL Multi-Housing and Las Palmas Foundation
Lending Team: Bank of America, the San Diego Housing Commission and the Redevelopment Agency of the City of San Diego

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Orange Garden

Location: Poway, CA
Type: Affordable Housing Complex
Development Team: Affirmed Housing Group
Lending Team: City of Poway Housing Authority, the Richman Group and Wells Fargo Bank

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Vermont Avenue Apartments

Location: Los Angeles, CA
Type: Inter-generational Housing
Development Team: Meta Housing Corporation
Lending Team: CCRC, Los Angeles Housing Department, Community Redevelopment Agency of the City of Los Angeles and Bank of America

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Station District

Location: Union City, CA
Type: Mixed-use Development
Development Team: MidPen Housing
Lending Team: Union City Redevelopment Agency, the Housing Authority of the County of Alameda, JPMorgan Chase, Union Bank and the Federal Home Loan Bank of San Francisco

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Legacy

Location: Thousand Palms, CA
Type: Affordable Housing
Development Team: Palm Communities and Western Community Housing
Lending Team: California Housing Finance Agency’s Mental Health Services Act Housing Program brought $1.6 million toward the $24.4-million project. CCRC and the Redevelopment Agency for the County of Riverside also provided permanent financing.

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Fell Street Apartments

Location:  San Francisco, CA
Type:  Apartment Complex
Development Team:  BRIDGE
Lending Team:  CCRC financed the project along with the City and County of San Francisco, Wells Fargo Bank, and the California Department of Housing and Community Development.

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Alta Vista

Location: Los Angeles, CA
Type: Affordable Housing Complex
Development Team: National CORE
Lending Team: National CORE

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Valley Oak Homes

Location: Sonoma, CA
Type: Low-income Housing
Development Team: Satellite Affordable Housing Associates
Lending Team: Sonoma Community Development Agency, Sonoma County Community Development Commission, Silicon Valley Bank, Enterprise Community Investment and Enterprise Community Loan Fund

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Warner Creek Senior Apartments

Location: Novato, CA
Type: Senior Apartments
Development Team: Eden Development Inc.
Lending Team: Bank of America, California Department of Housing and Community Development, City of Novato, County of Marin

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Logan Place

Location: Burbank, CA
Type: Multi-family Rental Community
Development Team: Burbank Housing Development Corporation
Lending Team: Silicon Valley Bank, National Equity Fund, the City of Petaluma, the California Department of Housing and Community Development, and the Sonoma County Community

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Los Robles

Location: Vista, CA
Type: Apartments
Development Team: Community HousingWorks
Lending Team: Union Bank, the California Tax Credit Allocation Committee, the California Municipal Finance Authority and SDG&E?s Energy Upgrade California

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The Magnolia at 9th

Location: San Bernardino, CA
Type:  Senior Apartments
Development Team:  Meta Housing Corporation and Western Community Housing
Lending Team:  ank of America, California Housing Finance Agency, and the City of San Bernardino

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Lofts on Landis

Location:  Chula Vista, CA
Type:  Apartment Complex
Development Team:  Family Health Centers of San Diego (FHCSD), Wakeland Housing and Development Corporation
Lending Team:  Wells Fargo Bank and the City of Chula Vista

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Paloma Terrace

Location:  Los Angeles
Type:  Senior Apartments
Development Team: Retirement Housing Foundation?
Lending Team: Wells Fargo Bank and the Angelus Trust

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Oak Creek Terrace

Location: Napa
Type:  Affordable Housing Complex
Development Team:  Napa Valley Community Housing
Lending Team:  Silicon Valley Bank, Merritt Community Capital Corporation, the City of Napa, the County of Napa and the California Department of Housing and Community Development

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Main Street Park

Location: Half Moon Bay
Type:  Affordable Multi-Family Housing
Development Team: MidPen Housing Corporation
Lending Team: Wells Fargo Bank, the County of San Mateo and MidPen Housing Corporation

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Residences at Old Town Kern

Location:Bakersfield
Type: Affordable Housing Complex
Development Team:Housing Authority of the County of Kern
Lending Team: Wells Fargo Bank, the City of Bakersfield and the Housing Authority of the County of Kern

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Caroline Severance Manor

Location:Los Angeles
Type:Affordable Housing Complex
Development Team:Mercy Housing
Lending Team:Wells Fargo Bank, the County of LosAngeles, the Housing and Community Investment Department of the City of Los Angeles, the Federal Home Loan Bank of San Francisco, CRA/LA and the California Housing Finance Agency