...Title
Approve Refinancing Conditions for the Craig Gardens Senior Apartments.
...Recommendations
Adopt a resolution:
(a) Consenting to the refinancing and subordination of the existing City loan for the Craig Gardens Senior Apartments, an 89 one-bedroom unit affordable apartment development (“Project”) located at 2580 S. Bascom Ave. (“Property”) to a new Freddie Mac-backed senior loan in the amount of approximately $8,204,000 including the withdrawal of no more than $2,547,110 in refinancing proceeds by the Property’s owner, Craig Gardens, L.P., an affiliate of the San José-based nonprofit developer First Community Housing; and
(b) Authorizing the Director of Housing to negotiate and execute amendments to the City’s existing loan documents on the Project, in order to establish a rent burden reserve in the amount of $400,000 to be funded from the proceeds of the refinance and to enable refinancing of the Project’s senior loan and partial repayment of the City Loan interest in the amount of $1,073,555.
CEQA: Categorically Exempt, File No. ER20-211, CEQA Guidelines Section 15301, Existing Facilities. Council District 9. (Housing)