U.S. Bank is providing more than $48 million in financing to help BRIDGE Housing develop Celadon at 9 th & 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 9 th & 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.”