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Bond of the Day
Description: Ventura, CA Housing Authority
Amount: 65m
Coupon: 5.15%
Maturity: 12/01/2031
Yield: 6.5% YTM
Rating: Not Rated
Price: $84.556
Additional Information:
The bonds were issued by the Area Housing Authority of the County of Ventura to acquire the Mira Vista Senior Apartments at 2700 East Ponderosa Drive, in Camarillo, CA; The property includes 305 units, on 10.15 acres, a clubhouse, exercise facilities, pool, spa, and laundry facilities; The bonds are limited obligations of the issuer, and are payable from the revenues pledged under the indenture; 12/2009 occupancy 95.76%; 12/2009 average rent $936; 2009 net operating income of $2.26 million; 2009 net loss of $878k, down from $1.15 million net loss in 2008, due to decreased interest expense; Replacement reserve fully funded at $300 per unit, or $31.7k; Rehabilitation cash reserve fully funded at $673k; Debt service coverage of 1.25x.
These bonds are subject to AMT.
Official Statement to be provided upon request. This report is prepared for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or service. Market prices and other data may be obtained from outside sources and is not warranted as to completeness or accuracy. Bonds that are purchased at a discount and held to maturity or bonds that are sold at a higher price than the investor's purchase price will incur a capital gain. Any comments, statements and/or recommendations made herein are subject to change without notice. Prices, yields, ratings and availability subject to change. Sources of information are reliable but do not guarantee their validity. More information about this bond can be found on EMMA.