Berkadia, a leading commercial real estate firm, successfully arranged the financing for Sea Breeze Gardens in San Diego. The property is a 268-unit affordable housing development located in the Lincoln Park neighborhood. Senior Managing Director Tim Leonhard and SVP and Head of Acquisitions Chris McGraw of Berkadia Affordable Housing secured $53.5 million in Low-Income Housing Tax Credit equity investment and $97.5 million in bonds credit enhanced by Freddie Mac on behalf of sponsor Lincoln Avenue Communities.
Sea Breeze Gardens will undergo rehabilitation to provide 268 units across 36 two-story walkup residential buildings with a mix of two-bedroom (100 units) and three-bedroom (168 units) apartments. Of these, 27 units will operate at 30 percent AMI, another 27 at 50 percent AMI, while the remaining majority (212 units) will be available at an affordable rate set at or below sixty percent AMI.
“We are pleased to once again collaborate with Lincoln Avenue Communities’ innovative team to secure both debt and equity for this significant project,” stated McGraw enthusiastically about their partnership.
Leonhard also expressed his excitement saying that “Lincoln Avenue Communities is dedicated to preserving and significantly improving affordable housing assets that contribute towards building resilient communities.” He further revealed that each unit would receive an investment worth $75,000 from Lincoln Avenue Capital aimed towards enhancing residents’ quality of life within Sea Breeze Gardens.
This article was originally published on Connect CRE’s website as “Berkadia Secures Financing for San Diego Affordable Rehab Project Worth Over $150M”.
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