BRIDGE Makes Northern California Affordable Purchase
- Mar 09, 2020
BRIDGE Housing Corp. has acquired Paloma Del Mar Apartments, a 130-unit affordable senior living community in Freedom, Calif. According to Yardi Matrix data, the seller was Lexington Associates. The new owner will preserve the affordability of the property that caters to adults earning 60 percent or less than the area’s median income.
Developed in 1993 under LIHTC provisions, the community at 2030 Pajaro Lane consists of nine two- and three-story buildings. The unit mix features one- and two-bedroom apartments averaging 657 square feet. Amenities include a community room, two laundry rooms and more than 100 parking spaces.
The 4.7-acre property is some 3 miles east of city center, within walking distance of two shopping malls. The community has easy access to State Routes 1 and 152 and there are several medical centers within a 1-mile radius.
BRIDGE purchased the Class B asset with the help of several financing sources. The company received a $4 million loan from the Housing Trust Silicon Valley (HTSV) and the Monterey Bay Housing Trust, a program of the Monterey Bay Economic Partnership. HTSV also provided $13.4 million in funds from the U.S. Treasury’s CDFI.