Financing Completed for $79.3 Million Downtown Apartment Project
1453 Fourth Ave - Rendering courtesy of Joseph Wong Design Associates
by Lou Hirsh
San Diego Business Journal
March 23rd, 2015
Wakeland Housing and Development Corp. of San Diego has closed on financing for its planned $79.3 million Atmosphere affordable housing project in downtown San Diego, according to U.S. Bank.
The 205-unit, 12-story apartment development is slated to break ground March 24 at 1453 Fourth Ave.
A bank statement said U.S. Bank and Wakeland closed on $52 million in construction lending, some of which will be replaced during development with a $44 million tax-credit equity investment through its subsidiary, U.S. Bancorp Community Development Corp.
The project also includes funding from the San Diego Housing Commission, Civic San Diego and the Mental Health Services Act program of the California Housing Finance Agency.
Wakeland officials said Atmosphere includes 51 supportive housing units for individuals with special needs, including formerly homeless residents, with an on-site learning center where residents can access workforce development training and financial literacy workshops.
The project also includes ground-floor space for a small retail store or café that has yet to be leased.
The general contractor is Suffolk Construction, and the architect is Joseph Wong Design Associates.