Century is pleased to announce the closing of a $1,000,000 acquisition and predevelopment loan for Bridge Housing‘s Heritage Square, 70 apartments for very low income seniors in Pasadena. Century’s loan helped the LA County Housing Innovation Fund live up to its name, as the closing deadline outpaced the completion of the land lease, so Century’s loan had to be closed without real estate collateral, substituting a letter of credit.
Bridge needed to close the loan to meet the application deadline for funding from the LA County CDC, as the LACHIF loan gives a few extra points in the competitive scoring process.
Bridge will use a HUD Section 202 loan for the development along with funding from LACCDC, low income housing tax credits, and a low-cost, long term land lease with the City of Pasadena. The HUD 202 program provides very low-cost financing for dedvelopers building new affordable apartments for very low-income seniors.
The Heritage Square development site has had a bit of a checkered history in recent years (Pasadena Star-News and other articles here, here, here, here, here and here) , with several plans contending for redevelopment of the property with several commercial and residential uses. But with a strong developer like Bridge taking the lead, a high-quality project is going to result.