Gap Analysis, Layering Analysis, P3, Residual Receipts Monitoring
Low Income Housing, Supportive Housing
Keyser Marston is pleased to share the announcement of the October 21st grand opening of Cabrillo Gateway, the fourth phase of the Villages at Cabrillo campus in Long Beach, CA. Developed and operated by Century Villages at Cabrillo (CVC), a nonprofit community development organization, the 26-acre village is a residential community established in 1997 on a former U.S. Naval housing site with a mission to combat homelessness. CVC provides transitional and permanent housing to the homeless, and those as risk for becoming homeless, as well as an array of nurturing programs and services with a focus on health and wellness, education, childcare and employment training. The CVC is a successful model of a public-private partnership, with several financial partnerships helping support the campus development including the City of Long Beach.
KMA has had a long standing involvement with the CVC project, providing financial advisory services to the City of Long Beach beginning in 2006 through the present day. KMA’s role has been to advise the City on structuring P3 transactions and helping to determine the amount of public financial assistance to provide the project. For Phase IV, KMA advised the City in regards to a predevelopment loan, and subsequently conducted a financial gap analysis, a funding sources layering analysis, and assisted in negotiations with CVC, ultimately advising the City in drafting of legal documents. KMA has also helped the City by reviewing the residual receipts payments.
Cabrillo Gateway features 80 permanent supportive homes, bringing the total of affordable housing units on the campus to 652, along with 152 beds in three emergency and short-term shelters. Cabrillo Gateway, located at the entrance to the campus, will serve as the physical and symbolic gateway into the community.