Meadows & Holly, Vacaville, CA
Goal: To re-energize an aging affordable housing development through a thoughtful and intense renovation, preserve the affordability for the long term, and provide a new sense of pride to the residents.
CDP has continued its relationship with the City of Vacaville with the Meadows Holly project. Located just down the street from our Rocky Hill project are the Meadows Court and Holly Lane apartments. Both were existing affordable communities owned by Vacaville Community Housing (VCH) that CDP preserved by acquiring and rehabilitating. Meadows Court consists of 51 two-bed townhome-style units and Holly Lane has 16 two-bed townhome-style units along with 15 one-bed flats. Each community has a shared laundry room and there is a property management office centrally located at Meadows Court. Both communities serve families earning 50-60% of the area’s median income.
Mature trees, extensive new landscaping, shaded picnic areas, and an innovative play area encourage occupants to get outside and mingle. Resident children are invited to take part in programs and activities offered by the Vacaville Neighborhood Boys & Girls Club located just steps from the properties. CDP is also partnering with We Love Our City and The Ecology Center to help develop and program a large community garden space nearby to bring together residents, neighbors, and the local community.
Through the course of renovation, both properties received all new interiors with energy efficient appliances and windows. Substantial exterior renovations were made to unify the properties that modernized and greatly enhanced the cosmetic appearance.
Once construction began we discovered several costly issues that were not included in our initial scope that had to be remedied in order to ensure safety and long-term project viability. The development team strategized together and came up with various cost-saving strategies that enabled us to address these issues while maintaining the original feel and design intent.
The financing for the project included a complex capital stack consisting of various sources of funding that had already been in place on the properties but that also encumbered other properties, requiring a long process of breaking apart collateral and re-securing liens to move the project forward. On top of that the funding was typical for an affordable housing renovation project.
Patient public entity Seller
Favorable Seller carry financing
Poor condition of units requiring significant amount of work
Funds being assumed were from obsolete sources, difficulties in re-organizing liens
Number of Units: 82
Lot Size: 2.6 Acres
Density: 32 Units/Acre
Unit Size: 640-1,280ft2
Unit Mix: 15 1BD/1BA, 16 2BD/1BA, 51 2BD/1.5 BA
Parking Spaces: 90
Affordability: 50% / 60% AMI
Financing: 4% LIHTC and Tax Exempt Bonds, Existing HOME & RDA
Sustainability: Green Point Rated
Architect: G7A Gonzales Architects
Contractor: Precision General Contractors
Property Management: AWI
Non-Profit Partner: Eden Housing
Total Cost: $22,231,701
Cost Per Unit: $271,118
4% LIHTC Equity $7,002,911
Perm Loan $6,931,000
City Of Vacaville Note $5,645,091
VCH Seller Carry $1,705,210
Cash Flow $250,000
City Of Vacaville Rehab $175,000
Deferred Developer Fee $522,489
CDP is proud to partner with these organizations, dedicated to bettering the lives not only of The Huntington’s residents, but of those lower-income residents in surrounding communities.
Vacaville Neighborhood Boys & Girls Club
We Love Our City