Berkadia Secures $150M in Financing for Affordable Housing Community in San Diego, California
Philadelphia, PA – July 17, 2024 – Berkadia announced today the financing of Sea Breeze Gardens, a 268-unit affordable housing property in San Diego, California. Senior Managing Director Tim Leonhard and SVP and Head of Acquisitions Chris McGraw of Berkadia Affordable Housing secured the $53.5 million Low-Income Housing Tax Credit (LIHTC) equity investment and $97.5 million in bonds that were credit enhanced by Freddie Mac on behalf of the sponsor, Lincoln Avenue Communities.
Sea Breeze Gardens is a rehabilitation project in the Lincoln Park neighborhood of San Diego. Once complete, it will provide 268 units across 36 two-story walkup residential buildings. The unit mix consists of 100 two-bedroom units and 168 three-bedroom. 27 units will operate at 30 percent AMI, 27 units at 50 percent AMI, and 212 units at 60 percent AMI. There will also be three employee units on site. The community will meet the requirements for mobility and sensory access with a total of 27 units for mobility impairment and 11 units for sensory impairment.
“Berkadia is thrilled to once again partner with the innovative team at Lincoln Avenue Communities to provide both debt and equity to deliver this landmark deal in San Diego,” said McGraw. “The team at Lincoln Avenue Communities is committed to preserving and substantially enhancing affordable housing assets that ensure the resiliency of communities,” added Leonhard. “Lincoln Avenue Capital is investing $75,000 per unit to enhance the lives of residents of Sea Breeze Gardens.”
Lincoln Avenue Communities acquires and develops high-quality affordable homes, while implementing a range of innovative solutions to support their residents and communities. LAC proudly serves more than 75,000 residents across 28 states.
“Lincoln Avenue Communities is proud to partner with Berkadia and Freddie Mac to preserve much-needed affordable housing in a growing metropolitan area,” said Jeremy Bronfman, CEO of LAC. “Sea Breeze Gardens will provide hundreds of resilient, affordable homes for families in San Diego.”
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