Rental Housing Estate
$23M in 5 direct loans, in addition arranging $305M in 18 loans and equity investments from other parties. Examples of direct loans include:
Since 2018 CTC has financed $253M to create 290 new units of affordable housing in Guam over the course of 14 investments in 4 projects. This $253M consisted of $6M in Predevelopment Loans, $107M in Construction loans, $15M in Permanent loans and $125M in equity. CTC made direct predevelopment loans totaling $6M, and $247M of loans and equity provided by others including 1st Hawaiian Bank, Boston Capital, Royal Bank of Canada, and Hunt Capital Partners. 52% of the 290 units are occupied by families earning <50% AMI.
Examples include:
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2022: a $22M loan to Tanota Hotels for renovation of two properties consisting of 1,019 rooms.o 2022 - Summer Breeze Phase I, 2022: the first 64 units of a complex that will ultimately contain 200 1,2,3 and 4-bedroom units with numerous onsite amenities including a large playground, multiple basketball courts, barbecue pavilions and an open field for soccer or baseball. CTC provided $2.2M in direct predevelopment financing and arranged $31M in LIHTC equity and a $4.3M permanent loan. CTC will utilize CMF funding to provide below-market permanent financing to this pipeline project, and to provide predevelopment and permanent financing to Phase II.
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2022 - Summer Vista I, 2022: the first 96 units of a 400 unit complex. CTC provided a direct loan of $3.8M to financing construction and arranged $45M in LIHTC equity and a $42M construction loan.
CTC's strategic focus on providing loans to four key asset classes – charter schools, commercial real estate, rental housing, and small businesses – aligns seamlessly with Guam's overarching economic development goals outlined in both of the two primary formal economic development strategies guiding investment in Guam. They are the "Guam Comprehensive Economic Development Strategy of 2021" and "Blueprint 2020," the latter being a visionary roadmap set forth by the current governor's administration. By tailoring their lending efforts to these asset classes, CTC plays a pivotal role in advancing specific strategies within these comprehensive frameworks, contributing significantly to Guam's sustained growth and prosperity.
CTC's initiatives are not only bolstering financial support but also contributing significantly to community development and economic empowerment