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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A SUBORDINATION AGREEMENT IN FAVOR OF TRUIST BANK AS SENIOR LENDER TO PERMIT REFINANCING OF ITS $10.5 MILLION DOLLAR LEASEHOLD MORTGAGE TO REHABILITATE THE 182-UNIT GOLDEN SQUARE AFFORDABLE HOUSING DEVELOPMENT; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Alex Goldstein)
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Summary Explanation/Background:
The Office of Housing and Urban Improvement respectfully requests the approval of a Resolution to support the Housing Authority of Pompano Beach in meeting closing requirements for the refinancing of the 182-Unit Golden Square affordable housing development.
The original first-position loan on the property matured on May 1, 2025, prompting the Housing Authority to pursue refinancing. Truist Bank has been selected as the new first mortgage lender, and the Housing Authority is working to close the transaction as soon as possible. Attached for your review is the subordination agreement for the City’s loan, which will remain in its current subordinate position.
Origin of request for this action: OHUI
Fiscal impact and source of funding: N/A
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