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The following is a brief description of recently insured projects.

  • Channing House

    On Tuesday, April 18, 2017, the Cal-Mortgage Loan Insurance Program insured California Municipal Finance Authority Insured Revenue Refunding Bonds Series 2017A for $54,045,000 for Channing House, a Continuing Care Retirement Community, located in Palo Alto. The financing was used to refinance existing insured 2010 bonds, which had been used to construct a Health Center with 27 Assisted Living beds and a 26-bed Skilled Nursing Facility and to add an additional 14 Independent Living Units to the residential tower. Channing House now has 191 Independent Living units. The bond structure matures on May 15, 2040 and was priced with an All-In True Interest Cost of 4.04%. The net present value savings was 9.4%.

  • Southern California Development Corporation of VOA, Inc.

    On Wednesday, March 15, 2017, the Cal-Mortgage Loan Insurance Program insured California Municipal Finance Authority Insured Refunding Revenue Bonds Series 2017 for $4,700,000 for Southern California Development Corporation of VOA, Inc. The financing advance refunded the 2011 insured bonds and repaid an insured bank loan from California Bank and Trust. The bonds mature on December 1, 2036, and was priced with an All-In True Interest Cost of 4.09%. The net present value savings was 8.76%.

  • Northern California Retired Officer Community, DBA Paradise Valley Estates

    The Cal-Mortgage Loan Insurance Program recently insured $22,080,000 of California Municipal Finance Authority Insured Refunding Revenue Bonds, Series 2016, for Paradise Valley Estates, which financed the completion of 18 private memory care rooms, reimburse project expenditures related to the construction of a parking structure, and to refinance its Series 2005 Bonds outstanding. Paradise Valley Estates was formed in 1992 as a non-profit corporation to develop a retirement community in Northern California for retired military officers, their spouses, widows and widowers. The refunded bonds mature in 2047 and the All-In Total-Interest-Cost is 4.53. The Corporation realized a Net Present Value interest savings of $669,945, or 7.6%.

  • Pilgrim Place

    The Cal-Mortgage Loan Insurance Program recently insured $36,055,000 of California Municipal Finance Authority Insured Refunding Revenue Bonds, Series 2016A, for Pilgrim Place in Claremont, which financed $9 million dollars in capital improvements, in addition to advance refunding its Series 2009 Bonds outstanding. Pilgrim Pace is a non-profit corporation that owns and operates a multi-level continuing care retirement community in Southern California. The bonds mature in 2046 and the All-In Total-Interest-Cost is 4.46%. The Corporation realized a Net Present Value interest savings of $1,561,653, or 6.35%.

  • Jewish Home of San Francisco

    On November 29, 2016, the Cal-Mortgage Loan Insurance Program insured the California Statewide Communities Development Authority Revenue Bonds of Jewish Home of San Francisco in the amount of $135,920,000. The Corporation is a leading provider of skilled nursing services and has been serving the most medically and cognitively frail seniors in San Francisco since 1871. The bond proceeds will be used for the construction of two new buildings to be licensed as Residential Care Facilities for the Elderly and improvements of other buildings on campus. The final maturity of the bonds is November 1, 2046 and the All-In True Interest Cost is 4.42%.

  • Asian Community Center of Sacramento Valley, Inc.

    On Tuesday, November 22, 2016 the Cal-Mortgage Loan Insurance Program insured California Health Facilities Financing Authority Insured Health Refunding Revenue Bonds Series 2016 for $16,080,000 for Asian Community Center of Sacramento Valley, Inc. The financing was used to advance refund the 2007 bonds which were used to purchase property located at 1180 Corporate Way in Sacramento. The bond structure matures on April 1, 2037 and was priced with an All-In True Interest Cost of 3.38%. The net present value savings was 16.18%.

  • Atherton Baptist Homes. Inc

    On Friday, November 04, 2016, the Cal-Mortgage Loan Insurance Program insured the City of Alhambra Insured Refunding Revenue Bonds Series 2016 in the amount of $31,390,000 for Atherton Baptist Homes. The Continuing Care Retirement Community (CCRC) is a non-profit public benefit corporation located in Alhambra of Los Angeles County offering retirement living services through its 220 residential living units. The financing was used to refinance existing bonds. The bond structure matures on January 1, 2040 and was priced with an All-In True Interest Cost of 3.83%. The net present value savings was 21.5%, or $6.1 million.

  • Hill Country Community Clinic

    On Thursday, November 3, 2016 the Cal-Mortgage Loan Insurance Program insured California Municipal Finance Authority Refunding Revenue Bonds Series 2016 in the amount of $4,055,000 for Hill County Community Clinic. The clinic is a Federally Qualified Health Center located in the Shasta County, and provides primary care services to over 5,000 patients in the region. The financing was used to refinance existing bonds. The bond structure matures on November 1, 2037 and was priced with an All-In True Interest Cost of 3.46%. The net present value savings was 8.37%.

  • Mountain Shadows Support Group and Mountain Shadows Ancillary Services

    On Thursday, October 27, 2016 the Cal-Mortgage Loan Insurance Program insured California Statewide Communities Development Authority Insured Health Facilities Revenue Bonds Series 2016A for $10,350,000 and Taxable Insured Revenue Bonds, Series 2016 A-T for $2,890,000 for Mountain Shadows Support Group. The financing was used to pay off existing bonds and term loans and will be used to upgrade existing facilities housing developmentally disabled clients. The bond structure matures on January 1, 2041 and was priced with an All-In True Interest Cost of 3.71%. The net present value savings was 12.8%.

  • Petaluma Health Center

    The Cal-Mortgage Loan Insurance Program recently insured $5,775,000 of California Municipal Finance Authority Insured Refunding Revenue Bonds, Series 2016, for Petaluma Health Center, Inc., which refinanced an existing insured loan. Petaluma Health Center, Inc. is a 501(c)3 non-profit Federally Qualified Health Center that provides comprehensive primary care at two community health centers in Petaluma and Rohnert Park. Services are also offered at three school based clinics. The refunded bonds mature in 2040 and the All-In Total-Interest-Cost is 3.14%. The Corporation realized a Net Present Value interest savings of $1.064 million, or 19%.

  • Mendocino Coast Health Care District Corp.

    On February 1, 2016, the Cal-Mortgage Loan Insurance Program insured Mendocino Coast Health Care District (Mendocino County, California) Insured Health Facility Revenue Bonds Series 2016 in the amount of $5,745,000. The Bond proceeds were used to refinance three Office insured loans, which were used for capital improvements and to expand their emergency room. The final maturity of the bonds is 6/30/2029 and the All–In True Interest Cost is 3.02%. The net present value savings was 7.89%

  • Santa Rosa Community Health Centers

    The Cal-Mortgage Loan Insurance Program recently insured $11,105,000 of California Municipal Finance Authority Insured Refunding Revenue Bonds, Series 2016, for Santa Rosa Community Health Centers, which refinanced an existing insured loan. Santa Rosa Community Health Centers is a 501(c)3 non-profit Federally Qualified Health Center that provides comprehensive primary care and specialty care ¬¬¬in Santa Rosa, California. Services are provided at nine locations in Santa Rosa with approximately 220,000 total annual patient visits. The refunding bonds mature on February 1, 2034, and priced with an All-In True Interest Cost of 2.89%. The refinancing generated a 31.9% net present value savings over the life of the loan.

  • Sierra View Homes Inc.

    The On June 9, 2016 Cal-Mortgage Loan Insurance Program insured an advance refunding of the Corporation’s COP’s in the amount of $9,750,000 Series A- Tax Exempt and $2,560,00 Series B- Taxable. The Continuing Care Retirement Community (CCRC) is a non-profit public benefit corporation located in the City of Reedley, California. It has provided senior living services since 1960. It currently has a 59-bed Skilled Nursing Facility, 36 unit Assisted Living Facility, a 21- bed Alzheimer/Dementia unit, 63 Independent Living units built in 1987, and newly constructed 52 Independent Living Apartments. The COP’s mature September 01, 2040. The net present value savings was $1,714,194. All-In True Interest Cost was 3.23%.


This page was last updated on Friday, April 28, 2017.

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