CalHFA Plays Key Role in the Financing for Ocean View Senior Apartments Acquisition and Rehabilitation

SACRAMENTO, The planned renovation of Ocean View Senior Apartments in the coastal community of Pacifica is made possible in part through the extensive efforts of the California Housing Finance Agency, the State’s affordable housing bank. CalHFA’s involvement in the complex transaction included bond financing of over $18 million, a subordinate gap loan of nearly $2 million, as well as other financial considerations helping the buyers and sellers make the deal financially viable and working with federal regulators to secure necessary waivers for affordability.

CalHFA offered flexible financing solutions while ensuring long-term affordability for residents. CalHFA provided the project with an 18-month acquisition/rehabilitation loan over $18 million, a 40-year permanent loan of $9.35 million and a $1.96 million subordinate loan to finance the acquisition and renovation of the property. Additionally, CalHFA worked with the US Department of Housing and Urban Development to secure waivers necessary to obtain rental assistance and ensure that all current residents could maintain their occupancy.

BRIDGE Housing, which creates, owns and manages a variety of affordable homes for families and seniors, will begin renovations to modernize and update the 100-unit property. In addition to the CalHFA financing, the County of San Mateo restructured two existing loans and provided new rental subsidies for 31 of the units. BRIDGE Housing also accessed low-income housing tax-credit program to provide additional equity.

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