BRIDGE to Open LA-Area Affordable Senior Community
The property caters to extremely low-income residents who have previously experienced homelessness.
This week, BRIDGE Housing Corp. will officially open Heritage Square South, a 70-unit affordable senior housing community in Pasadena, Calif. The permanent supportive housing property caters to extremely low-income seniors who have previously experienced homelessness.
Financing partners for the $28 million project included the City of Pasadena, Wells Fargo Bank and JLL Real Estate Capital, among others. In addition, California Community Reinvestment Corp. provided a $5.2 million CMBS loan with Wells Fargo Bank as trustee, according to Yardi Matrix data.
The City of Pasadena granted 69 project-based vouchers, $7 million in development financing and a below-market rate ground lease.
KTGY served as main architect and R.D. Olson Construction was the general contractor. BRIDGE Property Management Co. manages the community.
The fully affordable and age-restricted community comprises three-story buildings with 69 one-bedroom apartments and a two-bedroom manager’s unit. Common-area amenities include a fitness center, a community room, a courtyard, walking paths, laundry facilities, controlled access and approximately 37 parking spaces. The property also has 2,200 square feet of retail space fronting the intersection of Fair Oaks Avenue and Orange Grove Boulevard.
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Heritage Square South will also feature intensive case management services provided by Union Station Homeless Services. The affordable, multifamily GreenPoint Platinum-rated development also includes renewable energy.
Located at 710 N. Fair Oaks Ave., in the Pasadena / Arcadia submarket of Los Angeles, the property is near Interstate 210, which provides easy access across the metro.
Developing housing for formerly homeless individuals
BRIDGE has a portfolio of more than 13,000 apartments spread across some 130 properties, with upward of 8,000 units in the development pipeline.
The developer recently opened a 181-unit transit-oriented affordable housing community in Oakland, Calif. The fully affordable community serves families earning between 20 and 80 percent of the area median income, while a total of 46 units were put aside for formerly homeless individuals.
Also in California, BRIDGE completed an 88-unit fully affordable housing community in Long Beach. The new development caters to families and formerly homeless seniors earning between 30 and 60 percent of AMI.
