|REVISED September 24, 2013 - Regular Meeting|
Agenda Item #31
Subordination of Mortgage - LaMirada Gardens
Contact and/or Presenter Information
Suzie Dobbs, Community Development Manager, Ext. 3937
Denise Thomas, Housing & Community Development Coordinator, Ext. 3474
Approval and Execution of Subordination Agreement
Comprehensive Plan Objective 11.1.4 - Efficiency in Service Delivery
- On May 28, 2002, Manatee County executed a Funding Agreement with LaMirada Gardens, LTD utilizing State Housing Initiatives Partnership (SHIP) program funds in the amount of $350,000.00 for partial funding for the construction of 144 affordable rental units in Manatee County.
- Total cost to acquire the property and construct all the units was $12,800,000.00.
- Manatee County's mortgage is a third mortgage and is inferior and subordinate to a first and second mortgage executed by the Mortgagor in favor of the Housing Finance Authority of Manatee County, Florida, assigned to U.S. Bank National Association, as Trustee, and SunTrust Bank in the aggregate principal amount of $7,750,000.00 which encumbers the property and additional parcels described thereunder.
- A Land Use and Deed Restriction Agreement (LURA) was simultaneously executed to ensure long term affordability of the rental units.
- LaMirada Gardens continues to be operated as an affordable rental apartment complex in compliance with the LURA.
- LaMirada Gardens, Ltd., a Florida limited partnership, having an address at c/o Related Affordable LLC, 60 Columbus Circle, New York, NY 10023 (“Borrower”) is requesting subordination of Manatee County's SHIP Mortgage, as the current mortgage is being satisfied with a new mortgage from Wells Fargo/Fannie Mae being executed.
- Staff has no objections to the execution of the requested Subordination document.
County Attorney Review
Other (Requires explanation in field below)
Explanation of Other
See attached e-mail from William Clague, Deputy County Attorney
Instructions to Board Records
Please return one of the two executed originals to Denise Thomas, Neighborhood Services Department, Extension 3474.
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: LaMirada Funding Agreement.pdf
Attachment: LaMirada Funding Agreement Amendment 1.pdf
Attachment: LaMirada Mortgage.pdf
Attachment: LaMirada LURA.pdf
Attachment: LaMirada Legal Opinion.pdf
Attachment: [Modified Document] Subordination Agreement - La Mirada.pdf