is providing more than $48 million in financing to help
develop Celadon at 9
& 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
& 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.”