The Chinese Consolidated Benevolent Association (CCBA) and Hunt Capital Partners announced the financial closing of $4.44 million in federal low-income housing tax credit (LIHTC) and federal solar tax credit equity financing for the preservation and rehabilitation of CCBA Senior Gardens.
Located in San Diego’s Gaslamp District, CCBA Senior Gardens is a four-story affordable housing apartment complex that will feature 45 renovated units for seniors 55 and older. CCBA is the managing general partner, developer, and guarantor for the project.
Built in 1999 adjacent to the organization’s office, CCBA Senior Gardens realized CCBA’s goal to expand affordable housing for low-income seniors of all ethnicities in downtown San Diego. Many CCBA activities—such as luncheons, membership meetings, cultural performances, and classes—have taken place in the community room at CCBA Senior Gardens. The organization originally used LIHTC financing to fund the construction of CCBA Senior Gardens. The resyndication of CCBA Senior Gardens is the first rehabilitation of the units in more than 20 years.
“We are very pleased to partner with the Chinese Consolidated Benevolent Association,” said Hunt Capital Partners executive managing director Dana Mayo. “This transaction allowed CCBA to update, preserve, and extend the affordability restrictions of these senior units in a location where affordable housing is at a premium.”
Renovations will be made to unit interiors, and a rooftop photovoltaic solar panel system will also be installed. When finished, CCBA Senior Gardens will offer one employee unit; three studio and 25 one-bedroom units set aside for households earning up to 50% of the area median income (AMI); and 16 one-bedroom units set aside for households earning up to 60% of the AMI. An existing regulatory agreement with the city sets ceiling rents for nine of the 50% of the AMI units and 16 of the 60% of AMI units below LIHTC ceiling rents.
The total development cost for CCBA Senior Gardens is $15.75 million. Hunt Capital Partners will syndicate the LIHTCs into two multi-investor funds, Hunt Capital Partners Tax Credit Fund 31 and Fund 37. BBVA Mortgage Corp. provided $8 million in construction financing, and America First Multifamily Investors provided a $3.8 million permanent financing commitment. Other sources include $4.4 million in seller financing; $1 million from the rollover of existing funding from the city of San Diego; and $440,000 from the Federal Home Loan Bank of Atlanta via an Affordable Housing Program loan.
CCBA contracted Mirka Investments as the development consultant and administrative general partner. Sun Country Builders, who originally built CCBA Senior Gardens in 1999, is the general contractor. Hedenkemp Architecture and Planning is the project architect. Barker Management, who has managed CCBA Senior Gardens since its inception, is the management agent.