Work Begins on Alameda County Mixed-Income Apartments
- Jun 30, 2015
Hayward, Calif.—AMCAL Multi-Housing and Eden Housing have broken ground on Cadence, apartment development in Hayward, Calif. The 206-unit property is a transit-oriented development with market-rate and affordable components, located adjacent to the South Hayward BART Station in Hayward. It’s expected to be completed by 2016.
The property will include 87 one-, two- and three-bedroom units in a “family building” targeted to households earning between 20 and 50 percent of Alameda County area median income, as adjusted for family size. Adjacent to the family building are 64 affordable senior apartments, including both one- and two-bedroom units.
The development, which was purchased from Joe Montana’s ownership group JMJ in 2014, included a transfer of a $11.8 million HCD grant. AMCAL also raised $7.5 million in private equity and secured a $51 million construction and permanent HUD-insured 221 (d)(4) loan.
The complex deal involved an owner participation agreement, an infrastructure grant from Housing and Community Development Department of the State of California, and the purchase of a BART-owned parcel. An infrastructure agreement was struck with Eden Housing for the affordable units, and the negotiation of a construction contract with Bay Area general contractor J.E. Roberts Obayashi.
Cadence is AMCAL’s fourth TOD. Its first development, the Avenue 26 Master Plan, is a mixed-use project that features workforce condos, family affordable apartments, senior affordable apartments and retail located in the downtown Los Angeles neighborhood of Lincoln Heights. The development won a number of awards, including Best in American Living by NAHB.