REAL ESTATE COLLECTIVE GROUP
Valencia Pointe
Development Study · San Diego, California
5930 Division Street, San Diego, CA 92114
THE COMMUNITY
Housing with resident support.
Valencia Pointe serves low- to moderate-income families. CRP Affordable partnered with the Metropolitan Area Advisory Committee on Anti-Poverty of San Diego County (MAAC) to provide resident services that promote health, wellness, and self-sufficiency.
MAAC programs address barriers to housing stability and help individuals and families identify housing opportunities.
Resident services
- STEP Centers (Striving Towards Economic Prosperity)
- DUI Education Program
- Head Start, Early Head Start & State Preschool
- Senior inter-generational program
- Food bank partnership
FROM ACQUISITION TO COMPLETION
The development timeline.
Land acquisition: December 2018. Financing closed in September 2020 with Citi Community Capital, Hunt Capital Partners, Monarch Private Capital, and the County of San Diego. Construction was completed in June 2022.
Valencia Pointe — development timeline
| Date | Milestone |
|---|---|
| December 2018 | Building deposit. Refundable 6-month due diligence period. Fund outlay: $25K. |
| November 15, 2019 | Application submitted. |
| November 19, 2019 | Self scoring published. |
| February 2020 | Awarded tax credits: Federal $16.2MM; State $11.5MM. |
| June 2020 | End of due diligence period; land deposit is non-refundable. |
| September 2020 | Closed. |
PROJECT FINANCING
How the project was funded.
Funding at closing
| Funding type | Funding source | Total ($MM) |
|---|---|---|
| Federal LIHTC equity* | Hunt Capital Partners | $15.1 |
| State LIHTC equity | Hunt Capital Partners | $5.8 |
| Mortgage | Citi | $17.2 |
| Loan: Innovative Housing Trust Fund | County of San Diego | $5.2 |
| Loan: Mixed-Income Program | CalHFA (California Housing Finance Agency) | $4.0 |
| Deferred fee | — | $3.1 |
| Total | $50.4 |
Development costs & closing details
Application costs
Fund outlay: $178K. Consultants, market studies, phase I environmental, land appraisal, architectural and application fees.
Pre-development costs
After receiving strong project scoring, the Fund proceeded to outlay capital for architectural, engineering, performance deposit and tax credit allocation fees, appraisals and construction debt acquisition costs, and local permit fees.
Fund outlays shown in the timeline: $282K and $4.0MM.
Financial closing
At the financial closing, the project was 100% capitalized. The Fund received full reimbursement of all capital outlay ($4.4MM) and interest on those outlays ($717K).
* LIHTC exchanger paid $0.842 per dollar of federal tax credits.
The total expected cash developer fee is $1.76MM, of which $500K was remitted at the financial closing. The balance will be received upon construction completion, lease up, and final approval.
TAKE A CLOSER LOOK