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.”
- ◦Financing
