Developers have broken ground on an apartment community that will bring 102 affordable homes for families in San Diego.
Once completed in May 2022, Valencia Pointe Apartments will offer 58 two- and 43 three-bedroom units as well as a three-bedroom employee unit. Apartments will be fitted with the standard complement of amenities as well as notable features, including walk-in closets, washer/dryer hookups, and patios/balconies.
Hunt Capital Partners has committed $20.9 million in federal and state low-income housing tax credit equity financing for the new construction of the property.
“Valencia Pointe Apartments will provide affordable housing to a hundred families in a range of income brackets in one of the more expensive rental markets in the country,” says Hunt Capital Partners executive managing director Dana Mayo. “To finance such a substantial development, it was important to have strong creative development partners, flexible lenders, state and local financial participation, and the federal and state tax credits.”
The community will serve families earning up to 40%, 50%, 60%, and 80% of the area median income.
The administrative general partners for Valencia Pointe Apartments are CRP Valencia Pointe AGP, which is owned by brothers John and Paul Salib, and MirKa Investments, which is owned by Kursat Misirlioglu. CRP Affordable Housing and Community Development is the developer and guarantor.
Highland PM is the general contractor. Hedenkamp Architecture and Planning is the project architect. The Metropolitan Area Advisory Committee on Anti-Poverty of San Diego County is the property management agent and managing general partner. It will provide supportive services free of charge to residents that may include afterschool programs, tax preparation assistance, instructor-led skill building classes, and health programs.
Residents will also have access to a basketball court, a playground, and a business center.
The total development cost for Valencia Pointe Apartments is $50.4 million. Hunt Capital Partners facilitated the federal and state tax credits through three multi-investors funds. Citibank provided an $11 million taxable construction loan, an $8.5 million tax-exempt construction bond loan, and a $16.9 million tax-exempt construction to permanent loan. The County of San Diego Health and Human Services Agency provided a $5.2 million Innovative Housing Trust Fund loan. The California Housing Finance Agency provided a $4 million Mixed-Income Program loan.