RESOLUTION NO. __-26
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANT HILL
AUTHORIZING THE CITY MANAGER TO ENTER INTO A CONSENT TO COLLATERAL
ASSIGNMENT OF GRANT AGREEMENT WITH BERKADIA COMMERCIAL
MORTGAGE LLCFOR THE GRAYSON CREEK APARTMENTS AT 100 CHILPANCINGO
PARKWAY
WHEREAS, the former City of Pleasant Hill Redevelopment Agency provided a $4,500,000 dollar loan to assist the affordable housing project, Grayson Creek Apartments at 100 Chilpancingo Parkway and agreed to subordinate to the primary project loan; and WHEREAS, in 2001, the former City of Pleasant Hill Redevelopment Agency agreed to an amendment that split the original loan into a $1,005,000 loan and a $6,815,000 grant and continue to subordinate to project loans from the California Housing Finance Agency (“CalHFA”) and California Department of Housing and Community Development (“HCD”); and WHEREAS, in 2025, the City authorized the City Manager to enter into a subordination agreement with Berkadia Commercial Mortgage LLC due to a refinance for the CalHFA loan, such that the City’s original subordinate financial position does not change; and WHEREAS, based on provisions required by Freddie Mac, Bridge Housing has requested the City enter into a new Consent to Collateral Assignment of Grant Agreement with Berkadia Commercial Mortgage LLC and Freddie Mac to ensure that, in the event of a loan default, the City’s grant will continue to Freddie Mac, thus ensuring that the affordability of the project remains in place; and WHEREAS, the purpose of the Consent to Collateral Assignment of Grant Agreement is to ensure that, in the event of a loan default, the City’s grant will continue to the current lender in the event of foreclosure, thereby ensuring that the affordability of the project remains in place.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Pleasant Hill that the City Manager is authorized to execute a Consent to Collateral Assignment of the Grant Agreement between the City, Berkadia Commercial Mortgage LLC, in substantially the form attached hereto as Exhibit A, for the Grayson Creek Apartments at 100 Chilpancingo Parkway. [Signatures on the Following Page]
ADOPTED by the City Council of the City of Pleasant Hill at a regular meeting held on this 2nd day of February 2026, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
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ZAC SHESS, Mayor
ATTEST:
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LYONE P. CONNER, City Clerk