Doors Open at Senior Community Near San Francisco
BRIDGE Housing had several financial partners for the construction of the 85-unit La Vereda in San Leandro, Calif.
La Vereda
BRIDGE Housing Corp. has opened La Vereda, an 85-unit, fully affordable senior community in San Leandro, Calif. The facility caters to adults aged 62 and over who are earning between 30 and 50 percent of the area median income.
BRIDGE broke ground on the $39.3 million project in 2017, on a former parking lot owned by the San Francisco Bay Area Rapid Transit District (BART). Cannon Constructors North was the general contractor.
Located at 528 W. Juana Ave., across from the San Leandro BART Station, La Vereda consists of a four-story building designed by Ankrom Moisan Architects. The unit mix features one- and two-bedroom apartments averaging 662 square feet. Amenities include a ground-floor community room and exterior courtyard. Covia, formerly known as Episcopal Senior Communities, will manage the property.
Public-private effort
According to Yardi Matrix data, the developer used an $11.2 million loan from U.S. Bank to finance the construction. Other financial partners include the California Department of Housing and Community Development, City of San Leandro, Federal Home Loan Bank of San Francisco, Housing Authority of the County of Alameda, Alameda County Community Development Agency, Barings LLC and the California Tax Credit Allocation Committee.
La Vereda is the second and final phase of a master-planned, transit-oriented development. The first phase, completed in 2017, includes a 115-unit affordable multifamily property, a childcare center and more than 240 underground parking spaces.
The community is near the city center and San Leandro Plaza, two locations harboring many shops and restaurants. Kaiser Permanente San Leandro Medical Center is less than 2 miles southwest of the property.
