AMCAL Newsletter

November 2009 AMCAL Times Vol. 6, No. 3

Los Vientos grand opening

SAN DIEGO – Councilman Ben Hueso hosted the Grand Opening on Oct. 7 for AMCAL’s “Los Vientos” family affordable apartments south of downtown. Los Vientos is part of the ongoing revitalization of the B¬arrio Logan neighborhood.

Los Vientos includes 89 units on two sites with amenities such as landscaped open space, free social services for residents, children’s play area, energyefficient appliances, and community room.

All units are reserved for households that earn 30-60% of AMI in San Diego County. The site is near the 12th Street trolley station, Chicano Park, Perkins Elementary School and the city’s new baseball stadium. 100% occupancy was quickly achieved.

Austin Veum Robbins (San Diego) is the architect. A large mural was painted by local artist Ruben Seja.

Project value is $31,788,000, and the city Redevelopment Agency contributed $8,298,000. Las Palmas Foundation is the non-profit co-developer. Tax credit equity of $17,514,000 was funded by Hudson Housing Capital. U.S. Bank provided the construction loan of $12,559,000. California Community Reinvestment Corp. provided the permanent loan of $5,480,000.

Key team members are Director of Development Mario Turner, Project Manager Colleen Edwards, Director of Construction Tom Blankenship, Sr. Construction Manager John O’Neal, Site Superintendents Steve Zapp and Russell Rogers. Asset Manager Don Brenon led leasing, which quickly reached 100% occupancy in October.

TCAC Awards

SACRAMENTO – Five AMCAL developments were awarded 9% tax credits in 2009 TCAC round. Total value of allocations is $54,970,000: Mosaic (Los Angeles): 58-unit family apartment and mixed-use with street-level retail in Pico- Union. Non-profit partner: Foundation for Affordable Housing (San Juan Capistrano). Architect: Killefer & Flammang (Santa Monica). Maurice Ramirez and Randy Slabbers secured funding from L.A. CRA, Prop. 1C Infill, and ARRA federal stimulus, and submitted the application.

Montecito Terraces (Panorama City-L.A.): Two buildings of 98 senior units is AMCAL’s second community in the San Fernando Valley. Non-profit partner: Las Palmas Foundation (Encinitas). Architect: Van Tilburg, Banvard & Soderbergh (Santa Monica). Matt Segerdal secured funding from Prop. 1C infill, L.A. CRA, and LAHD ARRA federal stimulus, and submitted the application.

Mirandela (Rancho Palos Verdes): 34-unit senior apartment is the city’s first affordable development. Non-profit partner: Las Palmas Foundation (Encinitas). Architect: Withee Malcolm (Torrance). Darin Hansen and David Yarden secured entitlements and RDA funding of $6,800,000, and Lisa Davis submitted the application.

Royale (Westminster): 36-unit family apartment is AMCAL’s first development in Orange County. Non-profit partner: Foundation for Affordable Housing. Architect: Withee Malcolm (Torrance). Mario Turner of the Irvine office led a 2-year entitlement process, secured $5,400,000 in RDA funding, and submitted the application.

Summer Hill (Fresno): 50-unit family apartment on two sites is AMCAL’s fourth development in the Fresno County area. Non-profit partner: Foundation for Affordable Housing (San Juan Capistrano). Architect: R.L. Davidson (Fresno). Craig Smith led the entitlements, which included a Zone Change, secured $2,000,000 in RDA funding, and submitted the application.

Brookfield Place grand opening

OAKLAND – Councilman Larry Reid joined President Percival Vaz in June at the Grand Opening of Brookfield Place, AMCAL’s first development in the Bay Area, “Brookfield Place.”

The mixed-use development includes 58 family apartments and 2,440 s.f. of ground-floor retail. Alameda County funded 5 units for tenants with developmental disabilities, which is the first time AMCAL used this public source. Matt Segerdal is Project Manager, Tom Blankenship is Director of Construction, Candice Nesbit is Construction Mgr.

Photo: Councilman Larry Reid, City of Oakland; Pandoria Pugh, FPI Management; Mel Harrison, NAIBT Commercial Realty; Percival Vaz, AMCAL; Andrea Robertson, FPI, Kim Torres, FPI.

Details

Company News

AGOURA HILLS – President Percival Vaz welcomes the following new employees: Joan Marie Goodrich, Purchasing Agent (Construction). Conor Weir, Project Manager (Development/Finance - Irvine). Gary Newbold, Financial Analyst (Finance). Emery Comerford, Vice President of Construction. David Reck, Purchasing Manager (Construction).

Panels and Conferences

LOS ANGELES – Maurice Ramirez, VP Finance, Sid Paul, VP Acquisitions, and Emery Comerford, VP Construction, attended the SCANPH Conference on Sept. 25.

ARRA Federal Stimulus

Two AMCAL developments received funding from the ARRA federal stimulus program via the L.A. Housing Dept., as part of their successful 2009 TCAC allocations: Mosaic: 56-unit family apartment with street-level retail in Pico- Union, Los Angeles, $542,000. Montecito Terraces: 98 senior apartments in 2 buildings on Blythe St. in Panorama City, Los Angeles, $840,000.

Asset Management

Combined vacancy for all 29 of AMCAL’s affordable apartments is 3.5%. All properties have an occupancy of greater than 90%. Brookfield Place in Oakland with 58 family units was 100% leased in June, within two months of Certificate of Occupancy. Los Vientos in San Diego was 100% leased in September, within two months of Certificate of Occupancy. Palo Verde Terrace in Palmdale with 78 senior units is 75% preleased and expected to be 100% leased in December, within 2 months of Certificate of Occupancy. Info: (877) 386-1777.

Media

Builder and Developer (Dec.):

AMCAL’s development in Sacramento, “Sommerset Place” family affordable apartments was featured, along with the company’s expansion in the Central Valley and Northern California. Architect Bob Davidson of R.L. Davidson (Fresno) said, “Sommerset Place will set a precedent for design within the community.”
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