AMCAL Newsletter

March 2010 AMCAL Times Vol. 7, No. 1

Palo Verde Terrace grand opening

PALMDALE – Mayor Jim Ledford joined President Percival Vaz on Feb. 18 at the Grand Opening of “Palo Verde Terrace,” AMCAL’s third development in the Antelope Valley. “Communities like Palo Verde Terrace help the city partner and develop relationships with residents to maintain quality of life and continue to foster the evolution of the Courson Master Plan,” Ledford said. “The vision for the City is to create synergy and a focal point to bring seniors and all city residents together.”

AMCAL completed the Cielo Azul senior apartments in 2007 (81 units), and the Casablanca family apartments in 2003 (200 units). The City selected AMCAL in competitive RFPs for both Palo Verde Terrace and Cielo Azul. Palo Verde Terrace is part of the city’s Civic Center Master Plan, and is located near City Hall, the Palmdale Playhouse, Courson Park, an Antelope Valley Transit bus route, a library, and a new senior center.

The City of Palmdale provided $1,200,000 in HOME and RDA funding, and the Federal Home Loan Bank of San Francisco provided AHP funding. W.O.R.K.S. (Los Angeles) is the non-profit partner. Social services for seniors are provided by LifeSteps. Withee Malcolm (Torrance) designed the contemporary Spanish/Adobe aesthetics.

Project value is $11,854,000, and it was funded by an allocation of 9% tax credits in 2008. Union Bank of California provided Tax-Credit Equity, Construction Loan, and Permanent Loan. Matthew Segerdal is Project Manager. Candice Nesbit is Construction Manager.

Mirandela groundbreaking

RANCHO PALOS VERDES – AMCAL began construction on the “Mirandela” senior apartments in December, which is first affordable development in Rancho Palos Verdes. The selected AMCAL in a competitive RFP after a decade of failed proposals from other developers.

The 34-unit apartment is 2 levels of residential with a rear yard for passive recreation. Units are reserved for households with 30- 60% AMI. The site is located near Highridge Park, MTA and PV Transit bus lines, pharmacies and markets.

Project value is $12,968,000. Bank of America Merrill Lynch provided the Tax-Credit Equity ($5,309,000), Construction Loan ($2,888,000) and Permanent Loan ($689,000).

Mirandela received a $7,273,000 allocation of 9% tax credits in 2009, and the City RDA provided $6,790,000 in funding. Mirandela was the highest ranked project in TCAC’s Los Angeles geographical region.

The project was fast-tracked and went from RFP selection to construction in only 14 months. Team members include Darin Hansen, VP of Forward Planning, Sid Paul, VP of Acquisitions, and Candice Nesbit, Construction Manager. Non-profit partner is Las Palmas Foundation (Encinitas). Withee Malcolm (Torrance) designed the Spanish/Mediterranean.

Andalucia groundbreaking

LOS ANGELES – AMCAL began construction of the Andalucia apartments in November, and revived an prominent project that had been stalled under a previous developer. The new 75-unit family apartment will consist of 2 buildings on Lucas Ave. and Hartford Ave., with 2 courtyards and children’s play areas. Units are reserved for households with 30-60% AMI.

Andalucia is part of the ongoing revitalization of the Westlake neighborhood near MacArthur Park, and Councilman Ed Reyes offered strong support to gain entitlements and several public funding sources. Andalucia is AMCAL’s 6th development in Council District #1. The site was vacant when purchased, and AMCAL re-entitled the development and secured funding from the Prop. 1C Infill Infrastructure Grant, City of Industry (HACOLA) and Los Angeles Housing Dept. Andalucia is the state’s first IIG housing development to begin construction, with an award of $4,327,000.

A $13,340,000 allocation of 9% tax credits was awarded in 2008. Project value is $24,775,000. Hudson Housing Capital provided Tax-Credit Equity ($10,138,000). Chase provided Construction Loan ($9,238,000), and California Community Reinvestment Corp. provided Permanent Loan ($2,680,000). Nonprofit partner is W.O.R.K.S. (Los Angeles). Architect is Van Tilburg, Banvard and Soderbergh (Santa Monica). Matthew Segerdal is Project Manager. Gerardo Huerta is Construction Manager.

Details

Company News

AGOURA HILLS – President Percival Vaz welcomes the following new employees: Anthony Wright, Purchasing Agent (Construction). John Severino, Construction Manager. Dave Anderson, Construction Manager. Mary Ellen Ledbetter, Construction Administrator. New promotions: Octavio Ramirez, Superintendent (Construction). His first job is Mirandela senior apts. In Rancho Palos Verdes. James Tribbey, Superintendent (Construction). His first job is Santa Fe apts in Bakersfield. Linda Faria, Asset Manager. Dawn Zusman, Contract Administrator (Development).

Panels and Conferences

LOS ANGELES – President Percival Vaz was a guest lecturer for a real estate development class at the UCLA School of Business in December. Vaz explained the complex financial structures of affordable housing deals with a case study on AMCAL’s “Villas del Lago”, a 74-unit family apartment in the Westlake/MacArthur Park district that used tax credits and grants from the L.A. Housing Dept. Vaz also discussed the awardwinning “Avenue 26 Master Plan” in Lincoln Heights, to assist a student group that created a development plan for a nearby parcel in Lincoln Heights in a real estate competition between graduate schools. IRVINE - Mario Turner, Director of Development, spoke on the “Returning to Profitability” housing roundtable discussion at the ULI Orange County’s Mega-Issues Conference on Oct. 21. The panel discussed whether the stereotypes of affordable and market-rate housing developers are blending in the current economy, as part of the ULI District Council's Housing Initiative Council. Panelists: Christopher Payne, AvalonBay Communities; Aram Chahbazian, Thomas Cox Architect.

Groundbreakings

Cordova: Feb. 23 - 81-unit family apartments in Selma (Fresno Co.) is AMCAL’s fourth development in the Central Valley. Funding is from City RDA and County of Fresno. Craig Smith is the Director of Development, and Frank Chang is the Project Manager. Santa Fe: Feb. 25 - 56-unit family apartments with retail is AMCAL’s first project in Bakersfield. Funding is from City RDA. Craig Smith is the Director of Development, and Colleen Edwards is the Project Manager.
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