SAN DIEGO—Bridge Housing recently gained $48 million in financing from U.S. Bank for the development of Celadon at 9th & Broadway Apartments here in the East Village Quarter District.
The developer broke ground recently at the site at 929 Ninth Avenue. The 17-story building will feature a mix of 250 living units, studios and one-bedroom apartments available to individuals and small families earning 30 to 60 percent of area median income. Amenities include underground parking, community space, and an outdoor terrace with a green roof, among others. The project is expected to be completed by spring 2015.
U.S. Bank’s commitment includes permanent and construction debt and more than $37 million of Low-Income Housing Tax Credit equity through its tax credit investment subsidiary, U.S. Bancorp Community Development Corp. The San Francisco-based Bridge received approval and funding from the city to use Low-Income Housing Tax Credits at the site, a former surface parking lot.
Cynthia Parker, president and CEO of BRIDGE, said the project will help fill the growing need for a range of affordable homes in California. “More than 40 percent of Californians are unable to afford a two-bedroom apartment at market rents,” she said in a statement. “With many California counties ranking as the least affordable in the nation, working families are hard-pressed to find, let alone afford, quality housing in their communities. We’re pleased to bring this project to life with U.S. Bank’s support.”