County of Monterey Board of Supervisors Meeting Agenda 2026-05-12
County Subordinates Loan for Rippling River Refinance
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Description
The Board authorized Rippling River Affordable Housing Limited Partnership to refinance its first lien with JPMorgan Chase Bank, N.A. for $6 million and approved subordination of the County’s $1.26 million loan on the Rippling River Apartments. The Housing and Community Development Director is empowered to execute the subordination agreement and minor related amendments.
Contract Details
Contract Amount
$6,000,000 (first lien refinance amount)
Vendor
JPMORGAN CHASE BANK N.A.
Agency
Monterey County Water Resources Agency, CA
Contract Type
FINANCIAL_SERVICES
Document Date
May 12, 2026
Renewal Info
Refinance establishes a new first-lien loan; subordination applies for the life of that financing; no explicit renewal terms stated.
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