“I’m the Councilmember of this area, but I’m also a proud resident of San Ysidro. And I’d like to start by congratulating Mirka Investments on having the vision of this project…I’m very eager to see you guys break ground.”
Vista Lane Family Homes will will include modern residential amenities including kitchen refrigerator and stove, garbage disposal and an air conditioning unit. Shared space includes a sizable community room, a laundry area, onsite property management, free internet access in common areas, a recreation section, kids playground and two courtyards. Children will enjoy select programs and there will also be adult educational classes.
The total development cost for Vista Lane is $66.7 million. Hunt Capital Partners syndicated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 48. California Bank & Trust and CIT Bank produced a $37.7 million tax-exempt construction bond loan and a six million two hundred thousand dollar taxable construction bond loan. Citi Community Bank provided a $27.2 million forward tax-exempt permanent bond loan. HCP Bond Investors, LLC provided a three million dollar permanent subordinate bond loan.
We were honored to work with these amazing partners on this project.