Westhoff, Cone & Holmstedt

Muirwood Gardens

Success Stories
Muirwood Gardens

Muirwood Gardens is a 210-unit garden apartment complex located at 620 Center Avenue in Martinez, California 94553 (the "Project"). The project was built in 1984 and comprises five three-story buildings containing one and two bedroom units ranging from 684 to 952 square feet per unit. Each unit contains a living room and dining room in addition to one or two bedrooms. Each unit is air-conditioned and is equipped with oven, refrigerator, dishwasher and disposal. A laundry facility, swimming pool and spa are available for use by all residents. Of the 210 total units, 108 are one-bedroom and 102 are two-bedroom units. 42 of the 210 units are designated "Low Income" subsidized housing units per HUD regulations.

Construction of the Project was originally financed from proceeds of Multifamily Rental Housing Revenue Bonds 1983 Issue A of the City of Martinez, which Bonds were subsequently refunded in full by the Prior Bonds issued in August 1993.

Recognizing savings that could be achieved from refinancing the 1993 bonds, the firm's professionals proposed a variable rate debt structure utilizing a FNMA guarantee. The bonds will pay interest only for the first ten years of a thirty year amortization. This will allow the owner to achieve greater annual debt service savings as well as provide greater flexibility to maintain low and moderate income housing needs.

| HOME | CONTACT US |