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AMCAL Secures $49 Million in Construction Financing for Katy, TX Project

AMCAL Equities, LLC, has landed $49 million in construction financing for the development of Katy Apartments, a multifamily community located in Katy, Texas.

Greystone provided the loan under HUD’s 221 (d) (4) program. Shana Daby, a managing director at Greystone, originated the debt, structured as a non-recourse, fixed-rate construction loan that converts to a 40-year, fully-amortizing permanent loan when the property stabilizes and finances roughly 85 percent of the total project costs. 

Read the story about it here.

Learn more about the project here.

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Forbes Magazine features AMCAL’s newest student housing project–The Grad San Jose–as students gear up for a new normal on campus

Veteran developer AMCAL Equities, LLC, is poised to complete The Grad San Jose in August — just in time for students who will be returning to SJSU in the Fall.

The Grad sits across the street from San Jose State University and is the first high-rise student housing building in San Jose, California. The Grad is a joint venture project with Swenson.

The mixed-use, 260-unit building will include apartments and student amenities. Most floor plans are designed to give students their own private bathrooms. One four-bedroom floor plan will include three bathrooms.

The Grad San Jose will include a three-story parking deck and an amenities deck above the parking deck on the back side of the high-rise building. The amenities deck will include a building with an exercise center, a swimming pool with sundeck, sports courts, picnic area and landscaping. The first floor of the high-rise will include 14,750-square-feet of retail space.

The Grad was featured in July an article in Forbes Magazine. You can read the rest of the story here.

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AMCAL Ranks #15 on the List of the Top 50 Developers

AMCAL made the list of the top 50 developers of affordable housing as determined by Affordable Housing Finance (AHF) Magazine, keeping good company with other developers “who kept the shovels turning despite rising development costs and other challenges in 2019,” according to Donna Kimura, Deputy Editor of AHF Magazine. This is the second year in a row that AMCAL ranked #15. See the entire article at this link.

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Las Ventanas Affordable Housing Sprouts at PCH Station

Ten months after breaking ground in Midtown Long Beach, AMCAL Multi-Housing, Inc.’s Las Ventanas apartment complex is rising next to Metro’s PCH Station.

Located at the southwest corner of Long Beach Boulevard and Pacific Coast Highway, the four-story building will feature 102 one-, two-, and three-bedroom apartments reserved for households earning between 30 and 60 percent of the area median income.  Additionally, plans call for 15 apartments to be set aside as permanent supportive housing. 

Read the rest of the story.

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AMCAL Completes 69 New Affordable Apartments in Partnership with City of Santa Ana

With $8.5 million in funding from the city of Santa Ana, AMCAL Multi-Housing, Inc. has completed the construction of First Street Apartments — a 69-unit high-quality affordable apartment community developed in partnership with the City of Santa Ana.

To make this project possible, the Santa Ana City Council approved a loan for $8.5 million in affordable housing funds. Combined with low-income housing tax credits, construction of the project was able to begin in April 2018 with the demolition of an older, deteriorating office building. The project was completed and the new tenants moved in by late last year.

First Street Apartments is part of a revitalization effort to develop residential uses along the First Street corridor — a key gateway for the City of Santa Ana. The development is located at 1440 E. First St., which is adjacent to a public school, a quarter mile from an OCTA bus stop, within a half mile of the Santa Ana Zoo and less than a mile from a Kaiser Permanente hospital.

“The lack of affordable housing is a growing crisis in Orange County and throughout California,” said Councilmember Vicente Sarmiento, who represents Ward 1 where the project is located. “By investing in development that supports the needs of working families, the City of Santa Ana is planning for a future in which everyone has a place to call home.”

The new apartment community was constructed on approximately 2.16 acres and has apartments ranging in size from 782 to 1,219 square feet, with two-, three- and four-bedroom units for larger families, which are rare and needed in Santa Ana. Rents range from $741 for a two-bedroom apartment to $1,984 for a four-bedroom apartment. Half of the units are reserved for extremely low-income households earning 30% of the Area Median Income.

“First Street Apartments will improve the lives of some of the most vulnerable members in our community while revitalizing a major corridor into the city,” Mayor Pro Tem Juan Villegas said.

Councilmember David Penaloza added: “First Street Apartments serves as a testament to Santa Ana’s commitment to provide quality affordable housing for local families.”

Residents in the project were chosen through a lottery process that had over 1,100 applications. The deadline to apply has passed and the building is fully occupied.

“Before living at First Street Apartments, I found myself struggling financially to pay rent,” said Diana Huaynate, 32, who has three sons. “I was living paycheck to paycheck, even sometimes that was not enough.”

Ms. Huaynate, who was born and raised in Sana Ana, said she’s seen the city’s rent prices skyrocket.

“I am happy and blessed to be a resident at First Street Apartments,” she said. “Not only is the rent manageable, but it offered me and my kids a space of our own; the property is so nice, it has its own park, laundry facilities, bike storage for my sons’ bikes, and they offer social services and lots more amenities that you wouldn’t have unless you paid a lot in rent.”

First Street Apartment is unique in that it will serve large families with contemporary living features that include balconies and patios, parking garages, and modern bathrooms and kitchens. The outdoor community features include an open courtyard with seating areas for residents, a barbeque area, a tot lot for children to play and a community garden.

The community consists of six residential buildings and a community laundry facility. Residents have access to a community room and a computer lab that provides space for educational and social services for residents. Social services include adult education and health services such as computer training, job training, English-as-a-second language classes, nutrition programs and parenting classes.

Click here to see more about this project and for a link to the project’s leasing website.

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AMCAL Gets Started on a Veterans Housing Project in Pomona

January 7, 2020 Agoura Hills, CA — AMCAL Multi-Housing, Inc. announced today that it has closed financing and has started construction on Veterans Park Apartments — a high-quality affordable apartment community being developed in Pomona for veterans.

Veterans Park Apartments is an affordable multi-family apartment complex with modern amenities that will consist of 61 apartments ranging in size from 600 to 1,100 square feet located at 444 W. Commercial Street. Veterans Park will include 25 one-bedroom apartments with one bath, 15 two-bedroom apartments with two baths, and 20 three-bedroom apartments with two baths. One apartment will be reserved as an unrestricted manager’s unit.

Veterans Park Apartments was awarded $1.8 million in annual federal tax credits by the California Tax Credit Allocation Committee.

Rents will range from $545 a month for a one-bedroom apartment to $1,519 for a three-bedroom apartment, which are affordable for households earning between 30 and 60 percent of area median income. The community will welcome veterans with Housing Choice Vouchers (HCV) issued from the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program.

Veterans Park is AMCAL’s third apartment community in Pomona. AMCAL previously completed two communities for seniors in Pomona — Serenity Villas in 2002 and Portofino in 2005. Read more about the project here.

See a press release about the project that was published in the Inland Empire Business Journal here.

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AMCAL Ranks 18th on a National Top Developer List

AMCAL was just ranked 18th on the list of top development firms by Commercial Property Executive and Multi-Housing News.

Since 1978, the AMCAL Group of Companies have developed more than $2.5 billion in high-quality multifamily housing projects consisting of more than 7,000 units throughout California, Texas and Washington. AMCAL has been consistently recognized for its solid financial performance and strong, conservative balance sheet which has enabled it to partner with some of the world’s leading financial institutions including Barings Multifamily Capital, Bank of America, JPMorgan, Comerica, Star America, Anchor Capital and many others.

See the top developer article and list at this link.

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AMTEX Starts Construction on Austin Senior Affordable Housing Community

Dallas, TX (December 16, 2019)—AMTEX Multi-Housing, LLC, announced today that it closed financing and started construction on Limestone Ridge Apartments — a multi-family affordable housing community being constructed in Austin at 7011 McKinney Falls Parkway.

When completed, Limestone Ridge Senior Apartments will be a community for 55+ seniors with annual incomes of up to 60% of the area median income (AMI), which in Travis County, is $45,420 for a two-person household. The community will offer 223 one- and two-bedroom units plus two 2-bedroom units allocated for on-site managers. The community will also feature a one-story clubhouse and will have 405 surface parking spaces or 1.8 spaces per unit.

Residents at Limestone Ridge will enjoy onsite amenities including a swimming pool, walking trail and a community garden, as well as close proximity to McKinney Falls State Park.

Social services will be available onsite at no cost to tenants. Examples of services provided at previous AMTEX projects include: a monthly character building program; quarterly financial planning courses; quarterly health nutrition programs; notary public services; twice monthly arts and crafts, and other recreational activities; twice monthly onsite social services events; an annual health fair and annual income tax preparation assistance.

The 225-unit project represents the second partnership between AMTEX and the Travis County Housing Finance Corporation, having previously partnered on McKinney Falls Apartments a 312-unit family apartment community that is in the final stages of construction and is scheduled for completion in April 2020. Construction on Limestone Ridge is expected to be completed in the Fall of 2021, with residents moving in immediately thereafter.

Limestone Ridge Apartments is the tenth affordable housing project for AMTEX Multi-Housing, Inc. in Texas that is either completed or under construction.

 “We appreciate the Travis County Housing Finance Corporation for partnering again with us on this project to bring 225 new apartment homes for seniors to the Austin community,” said Arjun Nagarkatti, President of AMTEX Multi-Housing. “When completed, Limestone Ridge will be a wonderful place for area seniors to call home.”