Berkadia arranged the financing of Sea Breeze Gardens, a 268-unit affordable housing property in San Diego. Senior managing director Tim Leonhard and SVP and head of acquisitions Chris McGraw of Berkadia Affordable Housing secured the $53.5-million Low-Income Housing Tax Credit 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. 27 units will operate at 30 percent AMI, 27 units at 50 percent AMI, and 212 units at 60 percent AMI.

“Berkadia is thrilled to once again partner with the innovative team at Lincoln Avenue Communities to provide both debt and equity to deliver this landmark deal in San Diego,” said McGraw.

Leonhard added, “The team at Lincoln Avenue Communities is committed to preserving and substantially enhancing affordable housing assets that ensure the resiliency of communities. Lincoln Avenue Capital is investing $75,000 per unit to enhance the lives of residents of Sea Breeze Gardens.”