Title
a. Approve and authorize borrower Rippling River Affordable Housing Limited Partnership, a California limited partnership, to refinance the first lien through JPMorgan Chase Bank, N.A. for an amount of $6,000,000 and issue a Subordination Agreement placing the County of Monterey’s $1,262,500 loan in a subordinate collateral position to JPMorgan Chase Bank’s loan; and
b. Approve and authorize the Housing and Community Development Director or his designee to execute the approved Subordination Agreement (Affordable) and any minor amendments which do not significantly alter the scope of work or the County’s security position in the Rippling River Apartments housing development.
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RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize borrower Rippling River Affordable Housing Limited Partnership, a California limited partnership, to refinance the first lien through JPMorgan Chase Bank, N.A. for an amount of $6,000,000.00, and issue a Subordination Agreement placing the County of Monterey’s $1,262,500.00 loan in a subordinate collateral position to JPMorgan Chase Bank’s loan; and
b. Approve and authorize the Housing and Community Development Director or his designee to execute the approved Subordination Agreement (Affordable) and any minor amendments which do not significantly alter the scope of work or the County’s security position in the Rippling River Apartments housing development.
SUMMARY:
The recommended actions will allow the Rippling River Affordable Housing Limited Partnership, a California limited partnership, to secure a more favorable senior loan for the Rippling River Apartment complex. The County of Monterey is being asked to execute the enclosed Subordination Agreement (Affordable) consenting to subordinate the County’s loan to the new proposed senior loan.
DISCUSSION:
Monterey County Housing Authority Development Corporation, a California nonprofit corporation, is the sole owner of Rippling River Affor...
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