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

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This document provides information on three housing development projects by BRIDGE Housing. It summarizes the following: 1) A mixed-use transit-oriented development with 516 market-rate and 108 affordable homes, commercial space, and a childcare facility on 7.76 acres near transit. BRIDGE will develop the infrastructure and some housing in phases from 2012-2023. 2) A project with 130 affordable family apartments, 70 senior apartments, commercial space, and infrastructure upgrades on 4 acres of former school district land. BRIDGE will co-develop this in phases from 2012-2015. 3) A 202-unit affordable senior housing project with funding from HUD, the city, and grants. BR

Ingeniería

Cynthia A. Parker
President & CEO, BRIDGE Housing

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

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

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

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