SAN DIEGO — Hunt Capital Partners and the Chinese Consolidated Benevolent Association (CCBA) have received $4.4 million in federal Low-Income Housing Tax Credit (LIHTC) and federal solar tax credit equity financing. The funds will be used for the acquisition and rehabilitation of CCBA Senior Gardens.
Located in the Gaslamp district of San Diego, CCBA Senior Gardens is a four-story affordable apartment complex that will feature 45 newly renovated units for seniors age 55 and older. CCBA is the managing general partner, developer and guarantor for the project.
Built in 1999 adjacent to CCBA’s office, many CCBA activities such as luncheons, membership meetings, cultural performances and classes have taken place in the community room at community.
CCBA originally used LIHTC financing to fund the construction of CCBA Senior Gardens. Today’s re-syndication of CCBA Senior Gardens is the first rehabilitation of the units in over 20 years.
Rehabilitation work will primarily address aging building systems and components and is scheduled for completion by December. Further 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 studios and 25 one-bedroom units set aside for households earning up to 50 percent of the area median income (AMI); and 16 one-bedroom units set aside for households earning up to 60 percent of AMI.
The total development cost for CCBA Senior Gardens is $15.8 million. Hunt Capital Partners will syndicate the federal tax credits into two multi-investor funds, Hunt Capital Partners Tax Credit Fund 31 and Fund 37.
Lenders include BBVA Mortgage Corp., which provided $8 million in construction financing. America First Multifamily Investors L.P. 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 LLC as the development consultant and administrative general partner. Sun Country Builders Inc., which originally built the CCBA Senior Gardens in 1999, is the general contractor. Hedenkemp Architecture and Planning is the project architect. Barker Management Inc., which has managed CCBA Senior Gardens since its inception, is the management agent.