RFP Refinance Eagle and Parrot Village

The Housing Authority of the City of Alameda (AHA) issued a Request for Proposals on March 3, 2026, for mortgage refinancing services for two affordable housing properties: Eagle Village (36 units, 700 Block of Eagle Avenue) and Parrot Village (50 units, 1800 blocks of St. Charles Street, Chapin Street, and Wood Street). Qualified lenders are sought to refinance existing debt with an estimated current balance of $8,400,000 as of March 2, 2026, on properties valued at $9.2 million and $20.8 million respectively, for a combined portfolio value of $30 million. Proposers must submit separate refinancing options for each property or combined scattered-site loan structures, with minimum loan proceeds of $3.7 million for Eagle Village, $5 million for Parrot Village, and $8.7 million for a combined loan, with a required closing date by August 1, 2026. Deliverables include detailed term sheets, pricing structures (presented as estimated spreads and loan fees as percentages), all associated fees and due diligence costs, and comprehensive lender documentation. Qualified lenders must demonstrate experience with affordable multifamily underwriting in California, familiarity with federal and state statutes governing government-assisted housing, and references demonstrating timely and streamlined closings. The RFP evaluation criteria allocate points as follows: qualifications and experience (30 points), proposed approach (20 points), customer service (10 points), cost analysis and budget (10 points), references (10 points), and lowest overall price (20 points). Critical deadlines include an optional bidder's conference on March 16, 2026, from 1:00 to 2:00 p.m. Pacific Standard Time, with questions due by March 16, 2026, at 4:00 p.m., question responses due by March 20, 2026, at 4:00 p.m., and proposal submissions due through the Bonfire Procurement Portal by April 6, 2026, at 4:00 p.m. Pacific Standard Time. The anticipated award date is May 4, 2026, with Board of Commissioners approval scheduled for June 17, 2026.

All proposers must comply with AHA conflict-of-interest regulations and complete the required Conflict of Interest Certification form, certifying compliance with restrictions on financial interests for AHA officials, employees, elected officials, and organizational conflicts of interest. Proposers must provide proof of California business eligibility and maintain specified insurance coverage including general liability of $2 million per occurrence and professional liability of $2 million per occurrence or claim. No specific set-asides for disadvantaged enterprises are identified in the RFP documentation. The current debt is held by PNC Bank/Fannie Mae ($9,300,000 estimated), with existing seller carryback loans totaling $10,221,046 for Eagle Village and $3,258,587 for Parrot Village that may be partially repaid from refinance proceeds. Both properties are currently managed by Asset Living (FPI Management, Inc.) and are subject to existing regulatory agreements with AHA that are expected to remain in senior position post-refinance. The properties benefit from property tax exemptions under California AB 1528 and are encumbered by various utility easements and regulatory agreements. AHA intends to use refinance proceeds for partial repayment of seller carryback loans (approximately 20 percent of total proceeds) and significant property investments ($1 million for Eagle Village and $2–3 million for Parrot Village), with sufficient liquidity available to pay off existing debt at maturity if necessary. The estimated loan values and fee structures suggest award values within the range of $8.7 million to approximately $30 million depending on whether proposals are awarded individually or on a combined basis.