CARE Campus Oakland
Lao Family Community Development (LFCD) purchased the 285-room supportive housing facility it was leasing at CARE Campus Oakland. LFCD’s programs have a positive impact on over 225,000 low-income BIPOC Californians based on CARE Campus’ beneficiary mix, which includes formerly homeless people and California State parolees. At the time of loan origination, 100% of clients served at the CARE Campus were extremely low-income (earning less than 30% AMI). LFCD offers on-site, fully-rounded programs for occupants to aid in graduating to self-sufficiency.
Loan Purpose: Acquisition, mini-perm
Project: Supportive housing
Borrower: LFCD’s mission is to advance diverse communities’ economic mobility and well-being and has done so by providing employment, housing, education, and support services to over 31,000 low-income individuals, with 40 ethnic groups represented. The organization’s program focuses on mental health, employment counselling, adult education, transitional housing, and family services, including domestic violence, food, financial assistance, and other programs that address the most disadvantaged groups in the area.
Loan Details: Partners and Community Bank of the Bay collaborated to deliver two loans for two separate facilities for LFCD. One loan was a $750,000 participation in a $19,200,000 term note, and the other was a $1,000,000 participation in a $3,270,000 Revolving Line of Credit.