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Council approves $900,000 loan to avert default at Hillcrest Villas supportive-housing project
Summary
The council unanimously authorized a $900,000 loan to Many Mansions for Hillcrest Villas to pay off a bank debt after insurance and operating-cost increases pushed the development below required debt-coverage covenants. The loan carries a 55-year term at 3% simple interest, repayable from residual receipts.
The Thousand Oaks City Council voted 5-0 to authorize a one-time, $900,000 loan to Many Mansions to stabilize operations at Hillcrest Villas, a 60-unit mixed supportive affordable-housing complex.
Finance Director Jamie Boscarino told the council Hillcrest Villas — completed in 2013 — houses very low- and extremely low-income residents and provides supportive services for about half its residents. The project was initially financed with multiple sources; the city still holds a $7.1 million residual-receipts loan on the property. Boscarino said the property failed to meet the required debt-service-coverage ratio (DSCR) for two consecutive years, prompting U.S. Bank to issue a notice of default on the remaining permanent loan balance (about $944,000). Many Mansions sought partner financing to cure the default.
Boscarino described the principal cause of the cash-flow squeeze as rapidly…
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