BRIDGE Housing to Open Bay Area Affordable Community

The transit-oriented property will comprise 181 units.

BRIDGE Housing will soon open Casa Sueños, a 181-unit transit-oriented affordable housing community in Oakland, Calif.

BRIDGE has also recently opened Wellspring, an 88-unit affordable community in Long Beach, Calif. Image courtesy of The City of Long Beach

The fully affordable community serves families earning between 20 and 80 percent of the area median income, while a total of 46 units will be reserved for formerly homeless individuals. Casa Sueños will feature permanent supportive services provided by Lifelong Medical Care and funded by Alameda County.

BRIDGE developed the project in partnership with The Unity Council. The property is subject to a 75-year unsubordinated net ground lease held by The City of Oakland, according to Yardi Matrix data.

The developers broke ground in August 2021, with SVA Architects serving as the main architect and J.H. Fitzmaurice as general contractor.

READ ALSO: Serving the Underserved: An Affordable Housing Provider’s Take

Casa Sueños comprises two buildings with one-, two- and three-bedroom floorplans ranging between 600 and 1,069 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, a community garden, a computer lab, a courtyard, laundry facilities, controlled access, bike parking and approximately 275 parking spaces. The community also features 7,500 square feet of affordable commercial retail space, which will be utilized by Communities United for Restorative Youth Justice.

Located at 3511 E. 12th St., Casa Sueños is within an Opportunity Zone in the Fruitvale neighborhood. The community is within walking distance of Fruitvale BART station, a major AC Transit hub and the planned Bus Rapid Transit line. The property is also near Interstate 880, which allows easy access to downtown Oakland.

BRIDGE has also recently opened Wellspring, an 88-unit fully affordable housing community in Long Beach, Calif. The $57.7 million development serves families and formerly homeless seniors.

Financing affordable housing

Initially intended as a market-rate housing development, The Unity Council recognized the pressing needs of the community and collaborated with city, county and transit partners to create affordable housing for working families.

According to Yardi Matrix data, the financing for the project included:

  • an $89.8 million construction loan provided by California Municipal Finance Authority, with JPMorgan Chase as a lender
  • a $16.2 million construction loan from Alameda County
  • $10.6 million in construction financing provided by The City of Oakland

Other financial partners included the Oakland Housing Authority, California Department of Housing and Community Development TOD Housing Program, California Climate Investments, National Affordable Housing Trust, California Tax Credit Allocation Committee and California Debt Limit Allocation Committee, among others.

You May Also Like