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Cynthia A. Parker
President & CEO, BRIDGE Housing
22
33
• 7.76 acres
• 516 market-rate apartment
style homes
• 108 affordable apartments
• 42,500 sf commercial/
retail
• 5,000 sf child care facility
• 478-stall parking garage
44
• Transit agency land: goal to intensify uses to increase
ridership/access
• State infrastructure bonds
• Local agency investment
• Private-sector involvement
• BRIDGE as horizontal (+ some vertical) developer
• Phased development
Phases Construction Completion
One: Infrastructure and Garage 2012 2014
Two: Affordable Development 2013 2015
Three to Five: Market Rate 2015-2021 2016-2023
55
66
77
88
99
1010
Market Rate
+ Retail
Affordable
BART Garage &
Infrastructure
Sources
Construction Loan $211,440,580 $0 $0
Permanent
Mortgage
$0 $2,246,000 $0
Investor Equity $106,044,620 $16,686,000 $0
City RDA $7,808,000 $17,200,000 $6,531,000
Proposition 1C $0 $4,793,000 $35,176,000
Federal Funds $0 $0 $1,938,000
Total Sources $325,293,200 $40,925,000 $43,645,000 $409,863,200
Uses
Acquisition $20,440,000 $4,436,000 $4,906,000
Construction $228,745,200 $26,366,000 $26,879,900
Indirects $37,610,000 $3,953,000 $6,916,000
Finance $17,104,000 $2,904,000 $0
Contingency/Rese
rves
$12,707,000 $632,000 $2,886,900
Organizational $8,687,000 $2,634,000 $2,056,200
Total Uses $325,293,200 $40,925,000 $43,645,000 $409,863,200
1111
Project Summary
 4 acres
 130 family apartments
 70 senior apartments
 Day care facilities
 Market-rate live/work lofts
 Commercial, retail, office
 Significant infrastructure
upgrades
 $84.4MM (infrastructure,
family, senior)
1212
• San Diego Unified School District land (former maintenance
facility)
• BRIDGE co-developer w/ local nonprofit
• Federal, state and local funding
• Infrastructure: storm drains, water, sewer, undergrounding
of power lines
• Phased development
Phases Construction Completion
One: Infrastructure 2012 2013
Two: Family and Senior Affordable 2013 2015
Three: Future Phase Rental/(Ownership TBD TBD
1313
1414
1515
1616
Sources of Funds
Perm Loan - B of A $ 3,390,000
TOD Loan $ 7,150,000
MHSA Loan $ 1,462,000
City of San Diego, SD Housing Commission Loans $ 9,755,000
TOD, IIG, CALReUSE, SANDAG grants $ 12,691,817
City of SD, SDHC, TOD Loans - Construction Interest $ 286,516
Deferred Dev Fee $ 488,000
Investor Equity $ 21,282,981
GP Equity $ 158,106
TOTAL SOURCES $ 56,664,420
Uses of Funds
Acquisition / Infrastructure $ 7,199,251
Construction $ 37,020,642
A/E, Permits $ 5,755,541
Indirect Expenses - marketing, legal, title, insurance, etc. $ 831,000
Financing and Carry Costs $ 2,491,439
Other Soft Costs - taxes, contingency, reserves $ 708,080
TCAC & Syndication Costs $ 158,468
Developer Fee $ 2,500,000
TOTAL USES $ 56,664,420
1717
Sources of Funds
SDHC Loan $ 4,275,096
HUD 202 Capital Advance $ 4,868,300
HCD TOD Loan $ 3,850,000
TOD/IIG/CALReUSE/SANDAG $ 3,637,039
Investor Equity $ 11,026,300
GP Equity $ 1,142,837
TOTAL SOURCES $ 28,799,572
Uses of Funds
Acquisition $ 2,569,659
Construction $ 15,907,333
A/E, Permits $ 2,909,836
Indirect Expenses $ 840,000
Financing and Carry Costs $ 1,258,800
Soft Cost Contingency $ 200,000
Operating Reserves $ 2,493,833
Syndication Costs $ 120,111
Developer Fee $ 2,500,000
TOTAL USES $ 28,799,572
Cynthia A. Parker
President & CEO, BRIDGE Housing

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RV 2014: Great Expectations for Large-Scale TOD by Cynthia Parker

  • 1. Cynthia A. Parker President & CEO, BRIDGE Housing
  • 2. 22
  • 3. 33 • 7.76 acres • 516 market-rate apartment style homes • 108 affordable apartments • 42,500 sf commercial/ retail • 5,000 sf child care facility • 478-stall parking garage
  • 4. 44 • Transit agency land: goal to intensify uses to increase ridership/access • State infrastructure bonds • Local agency investment • Private-sector involvement • BRIDGE as horizontal (+ some vertical) developer • Phased development Phases Construction Completion One: Infrastructure and Garage 2012 2014 Two: Affordable Development 2013 2015 Three to Five: Market Rate 2015-2021 2016-2023
  • 5. 55
  • 6. 66
  • 7. 77
  • 8. 88
  • 9. 99
  • 10. 1010 Market Rate + Retail Affordable BART Garage & Infrastructure Sources Construction Loan $211,440,580 $0 $0 Permanent Mortgage $0 $2,246,000 $0 Investor Equity $106,044,620 $16,686,000 $0 City RDA $7,808,000 $17,200,000 $6,531,000 Proposition 1C $0 $4,793,000 $35,176,000 Federal Funds $0 $0 $1,938,000 Total Sources $325,293,200 $40,925,000 $43,645,000 $409,863,200 Uses Acquisition $20,440,000 $4,436,000 $4,906,000 Construction $228,745,200 $26,366,000 $26,879,900 Indirects $37,610,000 $3,953,000 $6,916,000 Finance $17,104,000 $2,904,000 $0 Contingency/Rese rves $12,707,000 $632,000 $2,886,900 Organizational $8,687,000 $2,634,000 $2,056,200 Total Uses $325,293,200 $40,925,000 $43,645,000 $409,863,200
  • 11. 1111 Project Summary  4 acres  130 family apartments  70 senior apartments  Day care facilities  Market-rate live/work lofts  Commercial, retail, office  Significant infrastructure upgrades  $84.4MM (infrastructure, family, senior)
  • 12. 1212 • San Diego Unified School District land (former maintenance facility) • BRIDGE co-developer w/ local nonprofit • Federal, state and local funding • Infrastructure: storm drains, water, sewer, undergrounding of power lines • Phased development Phases Construction Completion One: Infrastructure 2012 2013 Two: Family and Senior Affordable 2013 2015 Three: Future Phase Rental/(Ownership TBD TBD
  • 13. 1313
  • 14. 1414
  • 15. 1515
  • 16. 1616 Sources of Funds Perm Loan - B of A $ 3,390,000 TOD Loan $ 7,150,000 MHSA Loan $ 1,462,000 City of San Diego, SD Housing Commission Loans $ 9,755,000 TOD, IIG, CALReUSE, SANDAG grants $ 12,691,817 City of SD, SDHC, TOD Loans - Construction Interest $ 286,516 Deferred Dev Fee $ 488,000 Investor Equity $ 21,282,981 GP Equity $ 158,106 TOTAL SOURCES $ 56,664,420 Uses of Funds Acquisition / Infrastructure $ 7,199,251 Construction $ 37,020,642 A/E, Permits $ 5,755,541 Indirect Expenses - marketing, legal, title, insurance, etc. $ 831,000 Financing and Carry Costs $ 2,491,439 Other Soft Costs - taxes, contingency, reserves $ 708,080 TCAC & Syndication Costs $ 158,468 Developer Fee $ 2,500,000 TOTAL USES $ 56,664,420
  • 17. 1717 Sources of Funds SDHC Loan $ 4,275,096 HUD 202 Capital Advance $ 4,868,300 HCD TOD Loan $ 3,850,000 TOD/IIG/CALReUSE/SANDAG $ 3,637,039 Investor Equity $ 11,026,300 GP Equity $ 1,142,837 TOTAL SOURCES $ 28,799,572 Uses of Funds Acquisition $ 2,569,659 Construction $ 15,907,333 A/E, Permits $ 2,909,836 Indirect Expenses $ 840,000 Financing and Carry Costs $ 1,258,800 Soft Cost Contingency $ 200,000 Operating Reserves $ 2,493,833 Syndication Costs $ 120,111 Developer Fee $ 2,500,000 TOTAL USES $ 28,799,572
  • 18. Cynthia A. Parker President & CEO, BRIDGE Housing