Berkadia announced the financing of Sea Breeze Gardens, a 268-unit affordable housing property in San Diego, Calif. Berkadia Affordable Housing secured the $53.5 million Low-Income Housing Tax Credit (LIHTC) equity investment and $97.5 million in bonds that were credit enhanced by Freddie Mac on behalf of the sponsor, Lincoln Avenue Communities.
Sea Breeze Gardens is a rehabilitation project in the Lincoln Park neighborhood of San Diego. Once complete, it will provide 268 units across 36 two-story walkup residential buildings. The unit mix consists of 100 two-bedroom units and 168 three-bedroom. Twenty-seven units will operate at 30 percent area median income (AMI), 27 units at 50 percent AMI, and 212 units at 60 percent AMI. There will also be three employee units on site. The community will meet the requirements for mobility and sensory access with a total of 27 units for mobility impairment and 11 units for sensory impairment.
