WESTMINSTER – AMCAL began construction on its first development in Orange County, the “Royale” family apartments, in February.
The 36-unit apartment is 3 levels of residential over a garage for 90 spaces. It includes 2 courtyards with children’s play areas. Units are reserved for households with 30-60% AMI. The site is located near Hoover Park, Schmitt Elementary School, an OCTA bus line, pharmacies and markets.
Project value is $17,851,000. Union Bank provided the Tax- Credit Equity ($9,498,000), Construction Loan ($10,366,000) and Permanent Loan ($2,595,000).
Royale received a $12,665,000 allocation of 9% federal and state tax credits in 2009, and City of Westminster RDA provided $5,544,000 in funding.
Non-profit partner is Foundation for Affordable Housing (San Juan Capistrano). Withee Malcolm (Torrance) designed the contemporary Spanish/Mediterranean.
Key team members include Mario Turner, Vice President of Development; Colleen Edwards, Project Manager, and John Severino, Construction Manager.
FRESNO – AMCAL began construction on its fourth development in the San Joaquin Valley, the Summer Hill Place family apartments, in March. Summer Hill in southwest Fresno is giving community leaders high hopes improving the area.
Not only will the apartment become “a new and vibrant focal point for this neighborhood,” said Marlene Murphy, Executive Director of RDA, “it will shore up and increase the demand for retail business in this area.”
Summer Hill is being built in two parcels on a combined 2.9 acres, one at the corner of B and San Benito, and the other on Elm Avenue. The $8,736,000 development will include 50 units. It was funded by a 9% tax credit allocation of $7,328,000 in 2009.
Entitlements included a zone change to R2 High Density. Summer Hill is located near a FAX bus stop, King and Lincoln Elementary Schools, Frank H. Ball Park, Holy Cross Medical Clinic and a grocery market.
Boston Capital funded a construction loan of $4,544,000 and a permanent loan of $1,500,000. Fresno RDA funded $2,000,000. Non-profit partner is Foundation for Affordable Housing (San Juan Capistrano). Architect is R.L. Davidson (Fresno).
Team members include Craig Smith, Director of Development; Colleen Edwards, Project Manager; and John Severino, Construction Manager.
Photo: Marlene Murphy, RDA; Craig Smith, AMCAL; Councilor Cynthia Sterling; Councilor Lee Brand.
BAKERSFIELD – AMCAL began construction on its first development in Kern County, the “Santa Fe” family apartments, in February. The $11,673,000 development will include 56 units and 3,150 sf of retail along Union Ave. It was funded by an ARRA Tax Credit Exchange allocation of $7,031,000 in 2008.
Santa Fe is located near a Golden Empire Transit District bus stop, McKinley Elementary Schools, Lowell Park, Bakersfield Community Health Clinic and a grocery market.
California Bank and Trust funded a construction loan of $2,900,000. California Community Reinvestment Corp. funded a permanent loan of $1,485,000. Bakersfield RDA funded $2,400,000 in HOME and loans. Non-profit partner is Las Palmas Foundation (Encinitas). Architect is The Vincent Co. (Fresno).
Team members include Craig Smith, Director of Development; Frank Chang, Project Manager; and Gerardo Huerta, Construction Manager.
Photo: Colleen Edwards, AMCAL; Debbie Scanlan, City of Bakersfield; Rhonda Barnhard, City of Bakersfield; Donna Kunz, City of Bakersfield; Arjun Nagarkatti, AMCAL; Irma Carson, Councilor; J. Philip Bentley, RDA.