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South City Affordable Senior Housing Gets $19M Refi

South City Affordable Senior Housing Gets $19M Refi

CPC Mortgage Company and BRIDGE Housing have announced a $19 million refinancing package to preserve the Magnolia Plaza Senior Apartments in South San Francisco, CA. The property provides 125 units of affordable housing for low-income senior citizens.

“As a nonprofit lender, we look at deals through the lens of social impact. Partnering with a company like BRIDGE Housing that shares our values and is committed to lifting up the communities they serve was a natural fit,” said CPC Mortgage Company’s John Cannon.

The 34-year-old property is a garden-style complex that is age restricted to 62 and over. The community provides elevators, laundry facilities, a computer lab and includes a historic reconstruction of the city’s original one-room schoolhouse as a community room. BRIDGE has restricted 84 of the 125 units to 80% area median income or lower.

BRIDGE CEO Ken Lombard said, “For seniors, particularly those with lower incomes, it makes all the difference in the world to have a stable, affordable home.”


Inside The Story

CPC Mortgage CompanyBRIDGE HousingKen Lombard

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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