Project
Profiles
Asian American Drug Abuse Program, Inc. (AADAP)
Tax Exempt Financing "The Smartest Solution for Non Profit Organizations"
Business Description: AADAP is a nonprofit 501[c] [3] corporation established in 1972. During the last 35 years, the organization has grown with the changing needs of its community by broadening its scope of services from drug abuse prevention/treatment to include HIV/AIDS outreach, drug court and parenting services.
Project Description: The company has experienced an increased demand for its products and required additional facilities to support to effective deliver services in the South Los Angeles community; additionally, it wanted to lower its borrowing cost.
Project Address:
2900 South Crenshaw Blvd., Los Angeles, CA 90016
1088 La Brea Blvd., Los Angeles, CA 90036
520 North La Brea Blvd., Inglewood, CA 90303
Project Amount: $8,000,000
Purpose: Issuance of tax exempt bonds to refund a bridge loan proceeds were used to acquire a 22,500 square foot office building in South Los Angeles and consolidate existing loans used to acquire two other office buildings totaling 40,000 square feet utilized for AADAP’s social services programs.
Interest Rate: Sr. Debt 3.86% (Fixed/Variable), Jr. Debt NMTC 5.84% (Fixed).
Repayment: Cashflow from operations operations.
Collateral: Deed of Trust(s) on three (3) real properties valued at $10,615,000.
Census Tract: #2193.00; #1620.00; #6009.02
Closing Date: August 2008
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