RECORDING REQUESTED BY,
AND WHEN RECORDED, MAIL TO:
Housing Authority of the City of Riverside
3900 Main Street
Riverside, CA 92522
Attn: Executive Director.
This document is exempt
from payment of Recording Fee
pursuant to Government Code 27383
Modification to Loan Documents
(Housing Authority of the City of Riverside - Entrada)
This Modification to Loan Documents (the "Agreement") is dated as of _______ , 2022, and is between the Housing Authority of the City of Riverside, a public body corporate and politic (the "Authority") , and Wakeland Entrada LP, a California limited partnership ("Borrower"), with reference to the following facts, purpo ses and intentions.
RECITALS
A. The Authority and Borrower entered into a Disposition, Development , and Loan Agreement dated February 9, 2018 (the "DDA") , pursuant to which the Authority provided Four Million Dollars ($4,000 ,000) in funding for the Entrada Project to be developed and owned by Borrower (the "Authority Loan" or "Loan").
B. The Authority Loan is evidenced by a Promissory Note by Borrower for the benefit of the Authority dated February 14, 2018 (the "Note") , and is secured by a Deed of Trust, Fixture Filing and Assignment of Rents by Borrower for the benefit of the Authority (the "Deed of Trust") dated February 15, 2018 , and recorded on October 4, 2018 , as instrument number 2018-0395775 in the Official Records of Riverside County (the "Official Records").
C. In connection with the Authority Loan, the Authority and Borrower entered into that certain Regulatory Agreement, dated Febmary 14, 2018, and recorded in the Official Records on October 4, 2018, as instrument number 2018-0395776 (the "Regulatory Agreement") and that certain Notice of Affordability Restrictions on Transfer of Prope1iy (the "Authority Restrictions")
D. The DDA, Regulatory Agreement , Note, Deed of Trust , and the Authority Restrictions are referred to in this Agreement as the "Loan Documents". All capitalized terms not otherwise defined in this Agreement have the meaning set forth in the DDA. 1 I 628\11\3246 I 82.1
E. All but a small portion of the Authority Loan has been disbursed. Borrower has utilized the Loan funds in connection with the Project, which will consist of sixty-four (64) units of affordable housing (plus one manager's unit), located in five (5) residential buildings and approximately three thousand five hundred sixty (3,560) square feet of community space located in two buildings.
F. The Borrower has merged the various parcels on which the Project will be constrncted, and the new legal description of the property that is subject to the Loan Documents is described in Exhibit A to this Agreement.
G. In connection with the development of the Project, the Investor Limited Partner (as defined below) will be admitted to the Borrower as investor limited partner and will make capital contributions to the Borrower to finance a portion of the development of the Project pursuant to the Borrower's Second Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement"). Any reference to Developer's or Borrower's partnership agreement in the Loan Documents shall refer to the Partnership Agreement.
H. In com1ection with Borrower's financing of the Project the parties wish to make certain modifications to the Loan Documents, including but not limited to: clarifying the maturity date of the Note, clarifying the transfer and subordination language, aligning payment requirements with California Department of Housing and Community Development ("HCD") standards, and updating the Project description, site plan, budget and schedule.
NOW, THEREFORE, in consideration of the mutual benefits accrning to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, it is hereby declared, understood and agreed as follows:
1. Project Description. As used in the Loan Documents, the term "Project" means the Project as described in Exhibit C hereto. The Site Plan and Project Development description have been updated by the Borrower, and such updated and approved versions are attached hereto as Exhibit Band Exhibit C (the "Updated Site Plan" and "Updated Project Development Description", respectively). All references to the Site Plan and Project Development description and related exhibits, in the DDA shall mean the Updated Site Plan and Updated Project Development description.
2. Repayment. Annual payments of the Authority's Share of Residual Receipts shall commence on June 1 of the first year following the closing of the HCD permanent loan for the Project, and Section 3(c) of the Note is revised accordingly. The Lender's Share of Residual Receipts, as defined in the Note, will be 50% of Residual Receipts, and Section 4(iv) of the Note is revised accordingly. In calculating the Authority's Share of Residual receipts, subordinate debt will include the Loan, any HCD financing, and any other financing payable from cash flow to a public entity.
3. Maturity Date of Note. Section 3(a) of the Note is deleted in its entirety and replaced with the following: (a) Tenn. The principal of the Loan, together with all accrned interest, shall be due and payable on the earliest of: (a) fifty-five (55) years from the recordation of the Release 2 1628\11\3246182. I
of Constmction Covenants, but in no event later than 2079; or (b) an Event of Default by Borrower , which has not been cured as provided for in the Loan Documents (the "Tenn").
4. [Reserved]
5. Unit Mix. The unit mix of the Project is set forth in the table below, and the Loan Documents, including Section 6.2.1 of the DDA , are revised accordingly.
Very Low Qualified Manager's Total
Income Low Income Unit
Household Household
1 bedroom 13 2 15
2 bedroom 17 2 1 20
3 bedroom 21 9 30
Total 51 13 1 65
6. Reserves. Notwithstanding anything to the contrary in Section 6.4 and 6 .5 of the DDA, Section 4 of the Note and Section 3E and F of the Regulatory Agreement, in the event the Project's tax credit investor or permanent lender require Capital Replacement Reserve or Operating Reserve deposits in excess of those required by the Loan Documents , the requirements of the Project's tax credit investor or permanent lender will control.
7. Schedule of Performance. The Schedule of Performance included as Attachment 4 of the DDA is replaced with the Schedule of Performance included as Exhibit D to this Agreement.
8. Project Budget. The Project Budget included as Attachment 5 of the DDA is replaced with the Project Budget attached hereto as Exhibit E and incorporated into this Agreement by reference.
9. Submission of Evidence of Financing and the Constmction Contract. The Evidence of Financing described in Section 3.1 of the DDA and the Constmction Contract described in Section 3.2 and 4.6 of the DDA shall be submitted by Borrower on or prior to the close of the Project's constmction financing.
10. Casualty . Without limiting the terms of any subordination agreement , Section 1.5 of the Deed of Tmst is subject to the rights of senior lenders and the Authority shall make insurance proceeds available for rebuilding (rather than repaying the Loan) so long as there are adequate proceeds to rebuild prior to the end of the Term.
11. Subsidy Loss . In the event of a loss of subsidy to the Project, including but not limited to a reduction or termination of the Project Based Section 8, through no fault of Borrower, ( a) shall notify the Authority of such loss ; (b) increase rents and income levels of the 3 I 628\11\3246 I 82.1
Affordable Units in the Project to the extent allowed by TCAC and HCD; and (c) develop and implement a plan, reasonably acceptable to the Authority and Borrower that will help to minimize disruption to and support residents in any of the permanent supportive housing units transition to higher rents or reduced services that may result from such loss of subsidy. For the avoidance of doubt, Units designated for income limits at 30% or 50% of area median income may be leased to tenants whose income is at or below 60% of area median income if any Section 8 rental subsidy is reduced or terminated for such Units.
12. Approved Financing; Foreclosure. The Authority hereby acknowledges (i) Investor Limited Partner as "Investor", (ii) Wells Fargo (as defined below) as "Construction Lender" , and (iii) CCRC (as defined below) as "Permanent Lender" and agrees that Wells Fargo and CCRC constitute a "Lender" within the meaning provided in the DDA. Additionally, the Authority acknowledges the following financing and related mortgages, security interests, and other similar encumbrances are expressly permitted by the Authority:
(a) that certain construction loan from Wells Fargo in the approximate amount of $[29 ,418,53 7];
(b) that certain permanent loan from CCRC in the anticipated amount of $[2,836,000];
( c) that certain permanent loan from HCD in the principal amount of $[7,882,254]; and
( d) that certain construction and permanent loan from Wakeland Entrada LLC, in the principal amount of $[3,235,000].
In the event of a foreclosure by the Construction Lender or Permanent Lender, Units designated for income limits at 30% or 50% of area median income may be leased to tenants whose income is at or below 60% of area median income, subject to the approval by the authorizing legislative body at the City of Riverside .
13. Tax Credit Equity . The Authority acknowledges that the total approximate amount of the tax credit equity to be funded by the Investor Limited Partner is $[23,997,600].
14. Developer Fee. The Authority acknowledges that the total amount of the developer fee is set forth in the Project Budget. The Authority further acknowledges that the developer fee shall be paid in accordance with the Partnership Agreement.
15. Asset and Partnership Management Fees. The Authority acknowledges that (a) the amount of the asset management fee is $8,500 beginning on October 1, 2023, and increasing at 3% per annum beginning on January 1, 2025, and (b) the amount of the partnership management fee is $25,000 beginning on October 1, 2023, and increasing at 3% per annum begim1ing on January 1, 2025.
16. Annual Operating Expenses. Section 4(i)(N) of the Note is hereby deleted in its entirety and replaced by the following:
4 1628\ 11 \3246 182.l
"(N) cash deposited into any other reserve accounts as required by permanent lenders and investors,"
17. Gross Revenue. The Authority acknowledges that Gross Revenue shall not include casualty insurance or condemnation proceeds , income received for the purpose of completing the Project, or funding received for providing social services to residents.
18. Permitted Transfers. The Authority hereby acknowledges that, notwithstanding anything to the contrary in the Loan Documents, the following transfers shall be permitted without Authority approval: (i) the admission of the Investor Limited Partner and subsequent transfers of limited partner interests in the Borrower ; and (ii) the removal and replacement of a general partner of the Borrower by the Investor pursuant to the terms of the Partnership Agreement. Borrower shall provide notice to Authority upon any changes in (i) and (ii) above, and shall provide Authority with documentation of such changes.
19. Approval of Property Manager. To the extent necessary under the Loan Documents , the Authority hereby approves ConAm Management Corporation as the Property Manager. The Authority further acknowledges that the Marketing Plan and Management Plan have been received and approved by the Authority .
20. Approval of Partners. To the extent necessary under any of the Loan Documents, the Authority hereby approves of Wakeland Entrada LLC, as the managing general partner of the Borrower, RHDC Entrada, LLC, as the administrative general partner of the Borrower, and Wells Fargo Affordable Housing Community Development Corporation , as the Investor Limited Partner of the Borrower.
21. Subordination of Right of Reverter. Notwithstanding anything to the contrary in the DDA or the Loan Documents, all reversionary rights in favor of the Authority set forth in the DDA or the Loan Documents , including, without limitation , as set forth in Sections 3.8.7 and 8.7 of the DDA, shall be subject and subordinate to, and shall not defeat, render invalid or limit, the liens securing the loans from the Constrnction Lender.
22. Notices.
(a) Notices under the Loan Documents shall be sent as copies to the following additional parties, if to Borrower:
Goldfarb & Lipman
1300 Clay Street, 11th Floor
Oakland, CA 94612
Attention: Heather Gould
Wells Fargo Affordable Housing
Community Development Corporation
550 S. Tryon Street
23rd Floor, D1086-239
Charlotte, NC 28202-4200
1628\ I I \3246 I 82.1
5 Attention: Director of Tax Credit Asset Management
(b) The Authority agrees to give notice of the occurrence of any default under any of the Loan Documents and notice of the occurrence of any condemnation action or any actions with the insurance company with respect to the Property to Wells Fargo and CCRC at the following addresses (or at such other address as Wells Fargo and/or CCRC provide to the Authority from time to time):
and
Wells Fargo Bank, National Association
Community Lending and Investment
[401 B Street, Suite 1100
MAC# E2901-110
San Diego, California 92101]
Attention: Paul Shipstead
California Community Reinvestment Corporation
100 West Broadway, Suite 100
Glendale, California 91210
Attention: President
23. Investor Limited Partner Cure Rights. The Investor Limited Partner shall have the right, but not the obligation, to cure any default of the Borrower under any of the Loan Documents within the cure periods set forth therein. Notwithstanding the foregoing, if the Investor Limited Partner elects to remove a general partner of the Borrower in connection with any such cure, then so long as the Investor Limited Partner commences proceedings and diligently proceeds to remove such general partner, the cure period shall be extended for so long as reasonably necessary for the Investor Limited Partner to remove such general partner and effectuate the cure.
24. Full Force and Effect. Except as set f01ih in this Agreement, the Loan Documents remain unmodified and are in full force and effect. There is currently no event of default existing under the Loan Documents, nor is any event presently occurring which, with the passage of time or the giving of notice, would become an event of default under the Loan Documents.
To the best of the Authority's knowledge, each and every covenant, condition, and obligation contained in the Loan Documents required to be performed or satisfied by the Borrower as of the date hereof, and each and every matter required to be approved by the Authority for the right to commence construction of the improvements and to fund the Loan, including, but not limited to, Sections 3.2, 3.6, 4, 5.4, 5.6, 5.10, 7.2 of the DDA, have been satisfied, approved, or waived, as applicable.
25. Successors and Assigns. This Agreement is binding on and inures to the benefit of the legal representatives, heirs, successors and assigns of the parties.
26. California Law. This Agreement is governed by and construed in accordance with the laws of the State of California.
6 1628\ 11\3246182 .1
27. Counterparts. This Agreement may be signed by the different parties hereto in counterparts, each of which will be deemed an original but all of which together constitute one and the same agreement.
28. Reliance by Beneficiaries. This Agreement is entered into, in part, in favor and for the benefit of Wells Fargo Bank, National Association, a national banking association ("Wells Fargo"), Wells Fargo Affordable Housing Community Development Corporation, a North Carolina corporation , and its successors and/or assigns (the "Investor Limited Partner") and the California Community Reinvestment Corporation, a California nonprofit public benefit corporation ("CCRC" , and together with the Borrower, Wells Fargo, and the Investor Limited Partner, the "Beneficiaries "). The Authority understands that Wells Fargo and CCRC (or any constituent thereof) will rely upon this Agreement in making loans to the Borrower and/or in entering into certain agreements and/or granting certain consents in connection therewith and that the Investor Limited Partner will rely upon this Agreement in investing in the Partnership and making capital contributions pursuant to the Partnership Agreement. Notice of acceptance of this Agreement by the Beneficiaries is waived.
29. Conflicts. In the event of any conflict between the terms of any of the Loan Documents and the terms of this Agreement , the terms ofthis Agreement shall control. [Signatures on following page]
7 I 628\11\3246182. l
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
BORROWER:
WAKELAND ENTRADA LP,
a California limited partnership
By: Wakeland Entrada LLC,
a California limited liability company,
its Managing General Paiiner
By:
By:
Wakeland Housing and Development
Corporation, a California nonprofit public
benefit corporation, its sole member and
manager
Ch -
Rebecca Louie,
Vice President
[SIGNATURES MUST BE NOTARIZED]
[SIGNATURES CONTINUED ON NEXT PAGE]
S-1
Modification to Loan Documents
(Housing Authority of the City of Riverside - Entrada)
a
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached , and not the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA ~
COUNTY OF 6 -f\ ~~)~
)
)
)
On [() A R.. J e, A-~ S\Jf\t0) , Notary Public ,
personally appeared ./-OU-.J (;; , who proved to me on the basis of satisfactmy evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she /they executed the same in his/her /their authorized capacity(ies) , and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person( s) acted , executed the instrument.
I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Name : v ~S Vf\NJ
Nota1y Public
1628\09\288 1349 .4
AUTHORITY:
Housing Authority of the City of Riverside , a public
body corporate and politic
By:
Name:
Title:
APPROVED AS TO FORM:
By:
Name:
Title:
ATTEST :
By:
Name:
Title:
[SIGNATURES MUST BE NOTARIZED]
9 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the tmthfulness , accuracy , or validity of that document.
STATE OF CALIFORNIA
COUNTY OF --------
)
)
)
On _________ , before me, _____________ , Notary Public, personally appeared __________________ , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her /their signature(s) on the instmment the person(s), or the entity upon behalf of which the person( s) acted, executed the instmment.
I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is tme and correct.
WITNESS my hand and official seal.
Name:
Notary Public
I 628\09\288 1349.4
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached , and not the truthfulness , accuracy, or validity of that document.
STATE OF CALIFORNIA
COUNTY OF --------
)
)
)
On ________ _ , before me, _____ _ ______ , Notary Public, personally appeared __________________ , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies) , and that by his/her/their signature(s) on the instrument the person(s) , or the entity upon behalf of which the person(s) acted , executed the instrument.
I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Name :
Notary Public
1628\09\288 1349.4 11
! 628\091288 1349.4
Exhibit A
Legal Description
12 EXHIBIT "A"
LEGAL DESCRIPTION
Project: Entrada Apartments
APN's: 211-181-019, -020, -021, -022, -024, -025 &-026
Location: Chicago Avenue and 7th Street
That certain real property located in the City of Riverside, County of Riverside, State of California, being Parcel A of Certificate of Compliance for Lot Consolidation No. GP-2021-11645 recorded January 6, 2022 as Document No. 2022-0009783 of Official Records of said County, described as follows;
Lot 30, together with Lots 31 through 34, inclusive of the Alta Mesa Tract, in the City of Riverside, County of Riverside, State of California, as shown by map on file in Book 7 Page 30 of Maps, in the Office of the County Recorder of said County.
EXCEPTING THEREFROM the westerly 50.00 feet of said Lot 30.
ALSO EXCEPTING THEREFROM that portion deeded to the City of Riverside by deed recorded July 03, 1964, as Instrument No. 82024 of Official Records of said County.
ALSO EXCEPTING THEREFROM that portion deeded to the City of Riverside by deed Recorded July 13, 1986, as Instrument No. 138276 of Official Records of said County.
ALSO EXCEPTING THEREFROM the Grant of Easement to the City of Riverside by document recorded September 17, 2021 as Document No. 2021-0555482 of Official Records of said County.
This description was prepared by me or under my direction in conformance with the requirements of the Land Surveyors Act. ~e_ C.---- S/ff,/tz. Prep. ~
Curtis C. Stephens, L.S. 7519 Date
Entrada Legal.doc
I 628\09\2881349.4
Exhibit B
Updated Site Plan
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19. Aesldentlal Unit Mix Conllrue : I 20. Parking Data: 22 Accessible Parking: Per Chapter 118, 2019 CBC I 23. SIie Legend:
Accessible l.kills Req.ilred Proviled __!!equlred Provided • ~i-:!liMJ. ~J:t ~~ ~E ~~ - ---- - - -- 1~ 1sxa.,. 1.$~ AOIEDCN!PCRB. 1'Sp PN!UlllSf'AQ:15PR0'.100lfOilEA.DilEI.J..tlCIM'IIT. :i:iim::e:::rs:~~~15 "'1f:xr~:~;ri~1 •10 ID T:::~ ~~~ :,.Sl'Aa;S: 2Sp= -~=~:2~HG :..~~~ ~~ 0 WI Conmricat!on Fealises:21/S 101M.l.llll5P[lta.C(21.IUl.lllfS,, UI • 1 Total Ae<JJired 72.5 Spaces Total Provided: n Spaces • QJEST/D,IPlO'l'U/Nlll•MSOOH !!Wlll 1-Z. 1 ACtt5SOJ:
.::-:e-:.::~~rs=:111•:nm~:Zi!iin11m-L)) . I PropoaedPartngRatlo: UBS!)acesAnl ~fi~3.J PAR:QCSl'ActS Sl'ACt'.ltCatl.
Adaptable Urit1 21. T_!Jtal EV_Charglng Spaces Req'd Provided EV Spaces Tola! Aeq'd Accossible Spaces:: 7 Spaces" I
TotalCoveredl.Wta: /ICl:lm.lUll,Ull.El.llllS(l,I._) ~ ~=~~~n BSpaces" ~!f:S : a::::- •IMPNIDIG9'ACt'.~BCVNINXUSll£ST"'-l --------------- ~ - -J . P[l1•m.ll1-aMDusi:C1CS:~ Total B Spece, l--"T•"'•~ce.,::::o,:,po:..:...,= AcceM==lb,:ce ccspa=""'== - --11 ,-s,.-=- --, -•---- ~~~:~TOI
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PRO;ECT SUMM~RY • H
t Summary of Request i I
lHEPROPDSalPRo..t:CTISAWIA.TI•FA.llll.YHCUSINCD(\-0..0Pl,tENTINTHEQTYDf' ii RI~ CALJrOflNIA. Tl!( OC'onOP\IEHT SJlALI. "'Cll.U Fl\lE .).STORY RESOENTIAL BLDC.S WITll AT0TALOFl5AFFOROA81.f:HllUSINGAPAIITl,l(NTS, NCK-UNO(RANDOPEN " PARKINll,ON(COl,IMWilTYBUll.DINll,OHE ANNEllBUILOING•2 TRAS-IENO..OSl/RES. !I
2. Address: Nw ca!NOI or 7TH s,. • CHIC>.llO A'£.. RM'.RSDE. CA. i
3. Legal Description: R£rnl ro ow. ENOl,([Rl.llc PUMS I!
4. Total Site Area: aa.m SF./ :tOJ ~ ii
5. Type of Development uu.n-fAwu HOJSt4G Ii
6. Geoeral Plan Designation: PAUMAR AESIOOITIAl wua: IPRV) ~ I
7. Assessor's Parcel No~ 211-181-020-0. 211-181-021-1 AND 211-181-O21-r; IS~ a Zoning: . R ❖ I~ Ml.l.n-rAlil.Y IIESIOENlW.. ! ~
9. Type of Construction: "·" ; ~
tt Number of Units: es ou J
12 Density: J2.o ou/"c ~ i
A.Dowed: aGDUPCllAC I Proposed: UOWPOIACIIE ;;
10. Occupancy: R-2. u, A•J • a
I
j
13. Site Data : Coverage 'Jo J ..
TOT"'- Sil[ AREA: aa...i2 S.F. / 2.03 AC tom: ,.
I Buildings: +!.~SF 50.~ ~:
:a:::ln:riveways: :::: : ::: ! I
1-4. Floor Area Ratio: I 15. Building Height ~ ..
Proposed I Allowed I Proposed 'I
I l :X,~~ :.,c.a~ -O" l w.u:.W-o"n./JSTD'!£5 (
I 16. Setbacks I J
Required I Proposed I
' ..
Side: r-s· / 1a'-o" t.11H. I Side: s'-rt' ~ g
Rear. 1!.'-o" MIH. Alley rt-<f' St
17. Proposed Open Space: ~ •
- =:~t~':IH)BALCXJCS : ~= iji
T"""""°' • V/14SF !1
Tlia!P!MledwfCarmuityB~=3\,64SF ~&
Froot: 1s'-o- w1N. I Front r.rf' • 5•.0-
16. Bullding Data: ij ---·-· ----- - i Type of SpiiJs Aor0x. No. of Blildng Total F\-". ~Oca!p. Use Consl System Hel(;d Bldgs. Ar&a Area ..
_ ~IU/52 flCS. V•A lrl'A u l4.00 n s :io.1~ !I" 1oa..m Y 6 ! IJ/8 C0IIIL v-e lfl'All 10.oon , z.wsr ~'!T j11
e!
104,636 SF I I ,,. ........
Tolels
"" ,,.
• ACCESSORY OCCUPANCY PER 20111 CBC S[CnOH :108.2 ii
.. FlRE Al.ARM SYSTOI. SMOKE DETECnON SYSTEM IN COMPUANa: w/ 2011NfPA729iAl.LBEPROYI[)([). f
19. Resldentlal Unit Mix: !!I ,
Unit Type No. Bdrm. & Bath Living Area No. of lnt1 I 'l I~~- +~~!:: ::~: 1: •
~2Bdnn. 18oth 81_L~ __ ,o __ ;j I ~1182 Z8drm.. [ 1 Bath 810 sr 10 ~i ::::~g ~==/~=== ::~;: ~ r;
,Total No. or Units - - 65 - · i 6
ENTRADA APARTMENTS Ii
RIVERSIDE - CALIFORNIA ii
--' !,
.11. WAKELAND HOUSING •~-n-=~ 'i
.,.J?a ANDDEVELOPMENTCORP. ==~;fl~'"" !~
1~RCHITECTURAL SITE PLAN I n
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1- I ii
SCHEMATIC DESIGN 3RD SUBMITTAL PLANS 06/08/21
Exhibit C
Updated Project Description
1628\09\288 1349.4 14
Entrada Apartments
Project Overview
Wakeland Housing and Development Corporation, in partnership with Riverside Housing Development Corporation, is developing "Entrada" - a community of affordable rent a I housing u n its with on-site resident services. Located in the Riverside community of Chicago/Linden, a subset of the larger Eastside Neighborhood, Entrada will consist of sixty five (65) units, including one (1) two-bedroom unrestricted manager's unit, composed of one-, two- and three-bedroom units for households earning between 30 and 60 percent of the Area Median Income (AMI). Eight of the total units will be reserved for the use as Permanent Supportive Housing.
The community will include a resident community center, a neighborhood flex space and other common area spaces. The resident community center and will serve as the central community center for the project, bringing residents together for recreation, connection to services and community events such as healthy cooking workshops and the neighborhood flex space will provide space for the surrounding neighborhood to use for programming needs.
Project Design
A goal of this project is to implement Phase One of the Chicago-Linden Strategic Plan to Revitalize the Chicago/Linden community through the relocation of overcrowded tenants living in substandard apartment buildings, demolition of those substandard buildings and new construction of an affordable rental community that adds to the feeling of community and provides support for Citywide healthy eating and active living initiatives.
The project site, which is currently vacant, at the northwest corner of Seventh Street and Chicago Avenue is an entryway into the neighborhood and will include:
• Community building for use by the new residents of Entrada. Resident services will be provided from this space, such as: connection to community resources and healthy cooking workshops.
• Sixty-five (65) units in five (5) residential buildings , one (1) community center building, and one (1) neighborhood flex space. Units consist of a combination of one-, two - and three-bedroom stacked flats.
• The residential buildings are all a combinat ion or two- and three-story elevations, none of which are elevator served. Each building will contain 13 units and all structures are type V.
• Other common amenities include a central laundry facility , a community gardens and separate play areas for children ages 2-12 and 13-17.
The architecture of the new homes will utilize pedestrian scaled, simple forms that will reflect some of the architectural details of the neighborhood. Unit entries will be marked by porches and patios that front into the neighborhood, to give a sense of arrival to both the tenant and visitors. Private outdoor spaces and windows would overlook public areas to provide a presence on the street and within the development. Within the site, courtyards serve as extensions of the living space and provide social gathering spaces for residents.
The project will be slab-on-grade with stucco exteriors and mission-style details. The roofs will be tile, of the terra-cotta aesthetic. Parking will be provided via tuck-under garages and there will be a total of 75 covered and 11 uncovered parking spaces.
The unit floor plans will be designed to provide strong connections to the outdoors to promote socializing and community connection. Convenient, pedestrian-friendly pathways link the entire site for easy access throughout. Wheelchair-friendly surfaces shall be incorporated to make the site as accessible as possible to allow residents to take full advantage of outdoor amenities. Being that sustainability is an important element for smart growth, the project will include sustainable features such as drought-tolerant landscaping, edible landscaping to the extent practicable, energy efficient lighting and water conservation features. The project will also achieve a 33% offset of project electrical loads with a solar photovoltaic system.
Site Information
The project area is located west of Chicago Avenue, north of Seventh Street, in the Chicago Linden area of the Eastside Neighborhood and is 2.03 acres in size. The project is specifically located at 1705, 1719, 1725, 1733, and 1747 Seventh Street, also known as Assessor Parcel Nos. 211-181-019 to 022 and 024 to 026.
Exhibit D
Schedule of Performance
1628\09\288 I 349.4 15
Milestone
Commitment of Housing Authority Funds
SCHEDULE OF
PERFORMANCE
Refinement of Site Plan and Submit for Entitlements
Entitlements Approved
Submittal - 9% Tax Credits
Tax Credits Awarded
Construction Closing
Submit for Building Permits
Start Construction
Completion of Construction
Lease Up
Stabilized Occupancy
Conversion to Permanent Financing
Date
February 2018
August 2018
March 2019
July 2021
October 2021
March 2022
July 2021
April 2022
October 2023
N ovemeber 2023
March 2023
June 2023
I 628\09\288 1349.4
Exhibit E
Project Budget
16 PROJECT BUDGET
Per Unit Total
Land Acquisition
City-Owned Parcels $ 14,594 $948,600
Private Property $40,846 $2,655,000
Relocation $1,517 $98,618
Escrow and Title
$ 231 $15,000
Total Land Acquisition
$57,188 $3,717,218
Direct Construction Costs $0
Offsite/fransit Improvements $ 9,231 $600,000
Demolition $3,846 $250,000
Onsite Improvements/Landscaping $ 18,462 $1,200,000
Residential Construction $422,264 $27,447,185
Furnishings $ 892 $58,000
Contingency $22,898 $1,488.358
Total Construction Costs
$477,593 $31,043,543
Indirect Development Costs
Architecture and Engineering $ 18,469 $1,200,500
Construction Admin and Security $2,480 $161,200
Permits and Fees $26,646 $1,732,000
Legal and Accounting $4,621 $300,396
Taxes and Insurance $4,023 $261,500
Developer Fee $33,846 $2,200,000
Marketing/Market Study $ 1,031 $67,000
Indirect Cost Contingency $ 5,301 $344,542
Total Indirect Development Costs
$96,418 $6,267,138
Financing Costs
Loan Fees $5,629 $365,899
Construction Loan Interest $17,149 $1,114,664
Title/Recording/Escrow $ 385 $25,000
TCAC and Syndication Fees $2,620 $170,327
Operating Reserves $ 3,303 $214,715
Total Financing Fees
$29,086 $1,890,605
Total Development Cost $660,285 $42,918,504