U.S. Bank Provides Financing for Bridge Housing's New Celadon at 9th & Broadway Apartments in San Diego
U.S.
Bank is providing more than $48 million in financing to help BRIDGE
Housing develop Celadon at 9th & Broadway Apartments in
the East Village Quarter District of downtown San Diego. U.S. Bank made
the announcement during a groundbreaking celebration Friday, Feb. 8 at
the site of the new development – 929 9th Ave. at the southeast corner
of 9th and Broadway.
“We’re proud to partner with BRIDGE to support Celadon at 9th
& Broadway,” said Paul Shipstead, vice president of community lending at
U.S. Bank. “BRIDGE is a nationally respected affordable housing
developer. This project will serve a special needs income-qualified
population in the East Village and provide service-enriched housing
options.”
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 under construction and will 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 Corporation. BRIDGE Housing received
approval and funding from the City of San Diego to utilize both 4 and 9
percent Low-Income Housing Tax Credits on the project in March 2012. At
the time, the site was a surface parking lot.
“Celadon at 9th & Broadway will help fill the growing need for a range
of affordable homes in California,” said Cynthia Parker, president and
chief executive officer of BRIDGE Housing. “More than 40 percent of
Californians are unable to afford a two-bedroom apartment at market
rents. 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.”
Based in San Francisco, BRIDGE Housing has developed more than 110
affordable housing projects in its 30-year history. Notable projects in
partnership with U.S. Bank include Ironhorse Apartments at Central
Station, St. Joseph’s Senior Apartments and Terraza Palmera Family
Apartments in Oakland.
U.S. Bank has been active in supporting affordable housing in southern
California. In October 2012, U.S. Bank received the Financial Supporter
of the Year award at the Southern California Association of NonProfit
Housing (SCANPH) conference in Los Angeles, one of the largest
affordable housing conferences in the country.
U.S. Bank was honored for its support of organizations that encourage
the purchase, preservation, rehabilitation, and construction of
affordable housing through direct lending, tax credit investments,
partnership with investment lending programs, grants or volunteer
support of affordable housing nonprofits in Southern California.
About BRIDGE Housing
BRIDGE Housing Corporation, a leading
nonprofit developer of affordable housing, creates and manages a range
of high-quality, affordable homes for working families and seniors.
Since it was founded in 1983, BRIDGE has participated in the development
of over 14,000 homes serving more than 37,000 people. For more
information, visit www.bridgehousing.com.
About U.S. Bank Community Lending Division
U.S. Bank
provides hundreds of millions of dollars of financing every year for the
development of affordable housing in communities all across the United
States. U.S. Bank customers are both for-profit and non-profit
developers who are bringing to life a full range of multi-family living
for both individuals and families. Together with these partners, U.S.
Bank is helping to address the shortage of affordable housing that
exists in nearly every state where we do business.
About U.S. Bancorp Community Development Corporation
With
more than $10.8 billion in assets, U.S. Bancorp Community Development
Corporation (USBCDC), a subsidiary of U.S. Bank, provides innovative
financing solutions for community development projects across the
country using state and federally sponsored tax credit programs.
USBCDC's commitments provide capital investment to areas that need it
the most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at usbank.com/cdc.
About U.S. Bancorp
U.S. Bank has 78 offices and 938
employees in San Diego County. U.S. Bancorp (NYSE: USB), with $354
billion in assets as of December 31, 2012, is the parent company of U.S.
Bank, the 5th largest commercial bank in the United States. The Company
operates 3,084 banking offices in 25 states and 5,065 ATMs and provides
a comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. Visit U.S. Bancorp on the web at usbank.com.
