News: April 20, 2006

Eastmont Properties Celebrates $11 Million Nathan A. Miley Senior Housing Community Groundbreaking April 21 at Noon at Eastmont Town Center with Senator Don Perata, Nate Miley, Oakland Mayoral Candidates Ron Dellums, Ignacio De La Fuente, Desley Brooks and Estimated 200 Community Members

Oakland, Calif. -- April 20, 2006 -- Eastmont Properties Company, LLC (www.eastmont.com), a specialist in urban infill and adaptive reuse projects, will celebrate the groundbreaking of its $11 million housing development, the Nathan A. Miley Senior Housing Community, on April 21 at noon at Eastmont Town Center, 7200 Bancroft Avenue, in Oakland, California. State Senate President Pro-Tem Don Perata, Alameda County Supervisor and Former City Council Member Nathan A. Miley, and Oakland mayoral candidates Former Congressman Ron Dellums, Oakland City Council President Ignacio De La Fuente, and District Six Council Member Desley Brooks will attend the ceremony, along with an estimated 200 community members and representatives from local organizations such as the United Seniors of Oakland, Oakland Community Organization, Family Resource House of Unity and the African-American Chamber of Commerce.

The Nathan A. Miley Senior Housing Community is transforming an existing derelict four-story office building adjacent to the revitalized Eastmont Town Center into a state-of-the-art independent living facility featuring 69 units of affordable senior housing, a community room with kitchen, a community garden, on-site laundry facilities and secured parking. The project acknowledges the accomplishments of Nate Miley, a staunch advocate for the rights of senior citizens.

“The Nathan A. Miley Senior Housing Community is the capstone of our redevelopment plan for Eastmont Town Center ,” said Robert Bridwell, president of Eastmont Properties Company. “It demonstrates that rebuilding a community by replacing vacant and underutilized space with easily accessible housing, government services and retail establishments can be both commercially successful and socially responsible.”

Greg Garrett, who serves as both Eastmont Town Center’s general manager and Eastmont Properties senior project manager, said, “This is the first of similar workforce housing projects we plan to launch in urban communities throughout the East Bay region. Our goal is to help the backbone of our community — hard-working families and seniors — who are looking for attractive and affordable new housing in Oakland and the greater East Bay.”

Funding for the project was spearheaded by Garrett, who put together a financing strategy using the highly competitive Federal Nine Percent Affordable Housing Tax Credit Program supplemented with a $500,000 grant from the City of Oakland championed by Council Member Desley Brooks, in whose district Eastmont resides. The Nine Percent Tax Credit Program is a tool for private developers and non-profit entities to construct or rehabilitate affordable housing units. Through syndication of the tax credits awarded to the project, Federal and State tax credits may be used to obtain nearly a dollar-for-dollar reduction in income tax liability for ten years by the purchaser of the credits.

To compete for the maximum number of points in the competitive process that awards an allocation of nine percent tax credits, projects must include many criteria, such as the low-income units being either newly constructed or substantially rehabilitated, or the project’s proximity to schools, transportation, and essential services. The Nathan A. Miley Senior Housing Community scored 100 percent of the possible points on the evaluation criteria and also won in the tie-breaker round to earn the allocation of the $7.5 million awarded by the California Tax Credit Allocation Committee — the only seniors project in Oakland to receive State funding in 2005.

The financing package for the project included Eastmont Properties contributing the land and the building, and the support of Councilmember Desley Brooks who advocated for a $500,000 Affordable Housing Grant from the City of Oakland. Sun America, Union Bank and the Community Bank of the Bay completed the package with $3 million in construction and permanent financing.

The Nathan A. Miley Senior Housing Community was designed by Architect Larry Mayers, director of housing for the award-winning African American-owned architectural firm, Michael Willis Architects. Eastmont Properties Company chose TEAM Construction and Development (a member of the TEAMWRKX family of companies) as the project’s general contractor. Construction is scheduled for completion in January 2007; leasing opportunities will begin as early as June 2006, with occupancy targeted for early 2007.

Contacts:
Greg Garrett, Eastmont Properties: 510-632-1131 x18, c. 510-206-4440 ggarrett@eastmont.com
Mar Junge, c3PR: 408-730-8506, mobile 408-219-0101 mar@c3pr.com

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