[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-278862-105":53,"doc-detail-278862-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","1342-berkeley-street-construction-and-permanent-loan-commitment-letter","1342 Berkeley Street - Construction and Permanent Loan Commitment Letter","","Construction and Permanent Loan Commitment letter for the City of Santa Monica approving financing for 1342 Berkeley Street. The commitment is extended to Community Corporation of Santa Monica for developing thirteen affordable one-bedroom residences targeting young adults aged 18–24 and low-income households. It defines loan amounts, interest rate, terms, renewal and forgiveness provisions, security and regulatory agreements, occupancy and rent restrictions, and key disbursement and City option terms, with no fees stated.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/1342-berkeley-street-construction-and-permanent-loan-commitment-letter/278862/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/1342-berkeley-street-construction-and-permanent-loan-commitment-letter/278862.png","ImageObject",442,249,{"name":88,"@type":89},"Melati","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-11-01","2026-09-15",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",9,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What development is approved under this commitment letter?","Question",{"text":109,"@type":110},"The City approves a Construction and Permanent Loan Commitment for developing thirteen affordable one-bedroom residences at 1342 Berkeley Street in Santa Monica, targeting young adults aged 18–24 and low-income households.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"What are the construction and permanent loan amounts and rate?",{"text":114,"@type":110},"The construction loan amount is $9,703,769 and the permanent loan amount is $8,376,553. The rate is 6.65% compounded annually.",{"name":116,"@type":107,"acceptedAnswer":117},"How do loan terms, extension, and forgiveness work?",{"text":118,"@type":110},"The construction loan term is two years and the permanent loan term is fifty-five years from the certificate of occupancy or placed in service date. If the borrower complies, the permanent loan is extended for an additional twenty-five years, and upon expiration the City forgives all outstanding principal and accrued interest if compliance continues.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},278862,1790211262,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":101,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":76},962085570644,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","DocuSign Envelope ID: 85369336-A91F-4961-8520-0506BACBC242  \nCommunity Services Department Housing and Human Services Division 1685 Main Street, Mail Stop 19  \nSanta Monica, CA 90401 Phone: (310) 458-8702  \n3/12/2023  \nTara Barauskas, Executive Director Community Corporation of Santa Monica 1423 Second Street, Suite B  \nSanta Monica, California 90401  \nRE: 1342 Berkeley Street , Santa Monica, California  \nConstruction and Permanent Loan Commitment  \nDear Ms. Barauskas:  \nWe are pleased to inform you that the City of Santa Monica (“City”) has approved a Construction and Permanent Loan Commitment (“Commitment”) to Community Corporation of Santa Monica (\"Borrower\") for the purpose of developing thirteen (13) affordable residences targeting young adults (ages 18-24) and low-income households , to be located at 1342 Berkeley Street, Santa Monica, California (“Development”) . The priority population for the Development is young adults that live or work in Santa Monica and that have been identified by the City’s Youth and Families programs as being unstably housed. The goal for the Development is to remove housing insecurity as a barrier to the young adults’professional and/or educational success. The services available to the young adults at the Development will support their transition to completely independent living.  \nAs noted below, this Commitment is subject to the Borrower’s execution of final documents and is subject to the terms and conditions set forth in this letter. Once executed, this Commitment shall replace and supersede the previously executed Construction and Permanent Loan Commitment Letter dated June 9 , 2022, which will become null and void.  \nLOAN AMOUNT: Construction Loan- $9,703,769  \nPermanent Loan- $8,376,553  \nIncludes existing $467,735 Predevelopment Loan  \n$1,327,216 of the Construction Loan to be repaid once development is complete and long-term bank loan provided to CCSM.  \n\\# OF UNITS: Thirteen (13) one-bedroom residences  \nDocuSign Envelope ID: 85369336-A91F-4961-8520-0506BACBC242  \nRATE: Six and 65/100 percent (6.65%) compounded annually  \nTERM OF LOAN: Two (2) years for Construction Loan; Fifty-five (55) years for Permanent Loan, from the Certificate of Occupancy date or Placed in Service Date, whichever is later; thereafter Borrower shall make payments from residual receipts (which shall be defined in the Financing Documents), fifty percent (50%) of which shall be used for loan repayment and the other fifty percent (50%) may be retained by Borrower; provided, however, that Borrower's share of residual receipts shall be deposited into Borrower's fund for the Development and such funds are utilized in accordance with the Financing Documents; if there exists other public lenders also requiring loan repayment through residual receipts, the City and such other public residual receipts lenders shall share fifty percent (50%) of any residual receipts on a pro-rata basis.  \nAt the fifty-five-year maturity date of the Permanent Loan , provided that Borrower is in compliance with the terms of the City loan documents, the Permanent Loan shall be extended for an additional twenty-five (25) years. At the expiration of the extended term of the Permanent Loan, provided that Borrower is in compliance with the City loan documents, the City shall forgive the payment of all outstanding Principal and accrued interest.  \nSECURITY: City Trust Deed and Option Agreement, which may be subordinated  \nto other lenders with City approval.  \nREGULATORY  \nAGREEMENT: A Regulatory Agreement with a ninety-nine (99) year term from the date the Certificate of Occupancy or Placed in Service Date is issued to the Development, which specifies, among other requirements, eligible occupancy standards, maximum affordable rents, social services requirements, and minimum operating and replacement reserves.  \nOCCUPANCY  \nRESTRICTIONS: Ten (10) units shall be occupied by households earning no greater than fifty percent (50%) of Los Angeles Cou","cbCaij0VVzQtoLE5","https://ap.wps.com/l/cbCaij0VVzQtoLE5","pdf",353122,"English","# Loan Amounts\n## Units and Rate\n# Loan Term and Repayment Provisions\n## Extension and Loan Forgiveness\n# Security and Regulatory Agreement\n# Occupancy and Rent Restrictions\n## Income Limits and Rent Limits\n# Fees, Disbursement, and City Option","[{\"question\":\"What development is approved under this commitment letter?\",\"answer\":\"The City approves a Construction and Permanent Loan Commitment for developing thirteen affordable one-bedroom residences at 1342 Berkeley Street in Santa Monica, targeting young adults aged 18–24 and low-income households.\"},{\"question\":\"What are the construction and permanent loan amounts and rate?\",\"answer\":\"The construction loan amount is $9,703,769 and the permanent loan amount is $8,376,553. The rate is 6.65% compounded annually.\"},{\"question\":\"How do loan terms, extension, and forgiveness work?\",\"answer\":\"The construction loan term is two years and the permanent loan term is fifty-five years from the certificate of occupancy or placed in service date. If the borrower complies, the permanent loan is extended for an additional twenty-five years, and upon expiration the City forgives all outstanding principal and accrued interest if compliance continues.\"}]","1342 Berkeley Street - Construction and Permanent Loan Commitment Letter | PDF",1789513266]