Housing Authority of the City of Alameda AgendaPacket Regular Meeting of the Board of Commissioners 2026-05-20
Refinance Strategy for Eagle and Parrot Village Loan
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Description
The Board will consider authorizing the Executive Director to implement a refinance strategy for Eagle Village and Parrot Village involving the existing loan with PNC Bank, N.A., including paying off an estimated $8.24 million balloon payment by August 1, 2026 or arranging a short-term extension or bridge financing. The authorization also includes flexibility to structure the transaction, including possible LLC formation.
Contract Details
Contract Amount
Estimated balloon payment of $8.24 million; potential 90-day loan extension or short-term bridge loan (amount TBD)
Vendor
PNC BANK N.A.
Agency
city OF ALAMEDA HOUSING AUTHORITY, CA
Contract Type
FINANCIAL_SERVICES
Document Date
May 20, 2026
Contract Term
Existing PNC loan currently maturing August 1, 2026; possible extension up to 90 days
Renewal Date
2026-08-01
Renewal Info
Board may authorize extension of the existing PNC loan for up to 90 days or replacement with short-term bridge financing as part of a broader refinance strategy.
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APPROVEDIssuing Agency
city OF ALAMEDA HOUSING AUTHORITY
Local Housing Authority
Alameda, CA
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