Innovative Financing in Pasadena

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.

Heritage Square

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, herehere, 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.

3 replies
  1. sherri L. Johnson
    sherri L. Johnson says:

    I would like information ASAP about the low income housing for senior. I’m 56 years old and will turn 57 this may. Please let me know the opening date that I can apply.

    Thank you
    January 24, 2012

    • Tim O'Connell
      Tim O'Connell says:

      Ms. Johnson;
      I am glad you are interested in living in Bridge Housing’s Heritage Square development. The project is not yet under construction, and probably won’t be available for occupancy until 2013. In order to assure that you are informed of the opening of the waiting list that is sure to form, I suggest that you contact either Bridge Housing or the property management company they have retained to lease these homes once they are complete, the John Stewart Company. Their contact information is available at http://www.bridgehousing.com/Contact-Info and http://www.jsco.net/contacts/index.html#la

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  1. […] the second time, Century and Bridge Housing partnered in a creative financing structure to close predevelopment financing on a publicly-owned site, this time with LAUSD under the Workforce Housing Joint-Use Program, on unused land at Gardena […]

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