Berkadia, a leading commercial real estate company, successfully arranged the financing for Sea Breeze Gardens in San Diego. The property, which consists of 268 affordable housing units, received a $53.5 million Low-Income Housing Tax Credit equity investment and $97.5 million in bonds credit enhanced by Freddie Mac.
Senior Managing Director Tim Leonhard and Senior Vice President Chris McGraw from Berkadia Affordable Housing secured this financing on behalf of the sponsor, Lincoln Avenue Communities.
Sea Breeze Gardens is located in the Lincoln Park neighborhood and is currently undergoing rehabilitation to provide high-quality living spaces for its residents. Upon completion, it will feature 36 two-story walkup residential buildings with a total of 268 units consisting of two-bedroom and three-bedroom apartments. Of these units, 27 will operate at 30 percent AMI (Area Median Income), another 27 at50 percent AMI,and212at60percentAMI.
“We are proud to partner with Lincoln Avenue Communities once again to deliver this significant project in San Diego,” stated McGraw enthusiastically about their collaboration.
Leonhard also expressed his excitement about working with such an innovative team that is dedicated to preserving affordable housing assets while enhancing communities’ resiliency.Lincoln Avenue Capital has invested $75K per unit towards improving Sea Breeze Garden’s residents’ quality of life.
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