California Housing Finance Agency Awards Financial Services Contract to Citibank Na ("citi") (July 2026)

Citibank, N.A. is providing a $79 million construction loan package for the Sky Castle (Phase I) adaptive reuse project in downtown Los Angeles, including tax-exempt, recycled, and taxable tranches with variable interest rates over a 3‑year term plus extension. The construction financing will be taken out by CalHFA permanent loans upon project stabilization and conversion.

Scope & details

The full contract record, as filed.

Contract amount

$32,317,848 tax-exempt construction loan; $3,527,011 tax-exempt recycled construction loan; $42,228,415 taxable construction loan (total $79,183,274)

Contract type

FINANCIAL_SERVICES

Contract term

36 months plus one 6‑month extension by right (interest-only during construction)

Renewal date

2029-02-25

Renewal

Construction loans are structured for 36 months with a single 6‑month extension by right; no further renewals are described. Loans are expected to be refinanced or paid off at permanent conversion in early 2030.

Document type

AgendaPacket

Source document

California Housing Finance Agency AgendaPacket Public Meeting Agenda 2026-07-23

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by California Housing Finance Agency?

Citibank Na ("citi") was awarded this financial services contract by California Housing Finance Agency, as recorded on July 22, 2026. The contract value is $32,317,848 tax-exempt construction loan; $3,527,011 tax-exempt recycled construction loan; $42,228,415 taxable construction loan (total $79,183,274).

How much is the Citibank Na ("citi") contract with California Housing Finance Agency worth?

The Citibank Na ("citi") contract with California Housing Finance Agency is valued at $32,317,848 tax-exempt construction loan; $3,527,011 tax-exempt recycled construction loan; $42,228,415 taxable construction loan (total $79,183,274), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in California Housing Finance Agency AgendaPacket Public Meeting Agenda 2026-07-23 (AgendaPacket), dated July 22, 2026 from California Housing Finance Agency. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Citibank Na ("citi") hold?

Citibank Na ("citi") may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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