Tots Parent Participation Nursery
2227 Artesia Blvd & 2224 Matthews Avenue
Redondo Beach, California 90278
Sand Tots Parent Participation Nursery, a not for profit 501(c)(3),
purchased two lots totaling 6,360 SF of improvements on a 14,000
SF lot retail property located at 2227 Artesia Blvd. and 2224
Matthews Avenue, Redondo Beach, California 90278 to relocate
Sand Tots Nursery School. The project also includes renovations
to the building at a cost of $100,000. The facility was located
within walking distance of the then existing site of the school,
the North Redondo Chapel. The new facility allowed them to
accommodate increased enrollment and opportunity for expansion.
The renovation budgeted at $100,000 was provided by the seller
through escrow. A portion of the additional work necessary
to open the center was donated at cost by the member parents.
The subject property is located in the South Bay of Los Angeles
County. The district is 100% built up with a mix of retail,
office, and residential properties. Development along Artesia
Boulevard in the subject's immediate neighborhood includes
some small retail/office properties, restaurants, and smaller
owner-user office buildings. This area is a high-density retail/office
district that is primarily occupied by owner-users. The area
also exhibits a high level of auto and pedestrian traffic.
The secondary streets have single and multi family housing.
The current zoning of the property is "C2-PD" Commercial
Community Development Impact
This loan allowed Sand Tots Parent Participation Nursery,
a not for profit 501(c)(3) corporation to acquire a property
in the vicinity of the then current site of six years, thus
keeping the current families enrolled from traveling no more
than a walking distance from their previous site. The nonprofit
school benefited from the stability of owning their own facilities.
The new facilities increased their capacity of the school.
Historically, Sand Tots had maintained a waiting list of at
least 100 families. This allowed Sand Tots to increase the
enrollment of children and families in the their membership.
Sand Tots Nursery School was founded in 1972 by a small group
of families who wanted to form curriculum for their children's
early childhood education. The philosophy of Sand Tots is "learning through play" which
is modeled after the program at UCLA's University Elementary
School (UES). Parents participate both in the classroom and
in the daily operations of the school, which keeps the operations
cost down. In 1994 the school relocated from the Robinson Elementary
School to North Redondo Chapel. Sand Tots is governed by a
board of directors and advisory members comprised of community
leaders chosen by the Board.
Community Development Finance Effect
The participation of LDC in this transaction allowed Sand Tots
Parent Participation Nursery to acquire the subject property.
The structure of the loan included a commercial bank with a
senior lien, the LDC with a junior lien, and the equity infusion
from the borrower:
||% of Loan
The LDC funds leveraged an additional $405,000 from private capital for this community development project in the form of fixed rate business real estate loan.
Bank which provided the business real estate loan:
Sources and Uses of Funds:
Wells Fargo Bank
Westside Business Lending
Phone: (310) 285-5743
||Wells Fargo Bank
|Land & Building
|Total Project Cost
|% Project Cost