Loan Type: Community/Service Supportive Housing
Total Development Cost: $24,969,935
Times Leveraged: 14.27x
Loan at a Glance:
PCG Capital and Community Bank of the Bay (CBB) collaborated to deliver two loans for two separate facilities for Lao Family Community Development (LFCD). One loan was a $750,000 participation in a $19,200,000 term note, and the other was a $1MM participation in a $3,270,000 Revolving Line of Credit.
Project Summary:
Since May 2021, LFCD has operated the CARE Campus facility, located in Oakland, CA. The loans allowed LFCD to purchase its 285-room supportive housing facility it is currently leasing.
Borrower Summary:
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 Result:
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 CA State parolees. All 193 clients the CARE Campus served at origination are extremely low-income (up to 30% AMI). The demographics of the beneficiaries are 20% White, 39% Black, 3% Asian, 30% Hispanic, 1% Native American and Alaska Native, 1% Native Hawaiian and Pacific Islander, and 6% Two or More Races. At CARE Campus, LFCD offers on-site fully rounded programs for occupants to aid in graduating to self-efficiency.