PACIFICA, CA – October 29, 2015 – (RealEstateRama) — National Church Residences has completed the sale of Ocean View Senior Apartments to BRIDGE Housing. This transaction will preserve Ocean View as an affordable housing community for seniors in Pacifica and pave the way for new capital improvements.
In 2000, National Church Residences acquired the 100-unit Ocean View at the request of the City of Pacifica, with the goal of sustaining the property’s affordability. For 15 years, National Church Residences delivered on that goal while providing high-quality property management and raising needed funds for roof replacement and other improvements. In recent times, National Church Residences had been pursuing a refinancing of Ocean View to repay two maturing loans and address capital needs.
“We determined it was in the best interest of the Ocean View community to engage a mission-minded partner like ourselves with the local presence needed to execute new financing terms and oversee the rehabilitation,” said Steve Bodkin, Chief Operating Officer, Housing, National Church Residences. The organization reached out to BRIDGE, a leading nonprofit developer, owner and manager of affordable housing headquartered in California.
BRIDGE will commence renovations next month with new financing in place, including tax-exempt bonds, additional funding through California Housing Finance Agency, restructuring of existing debt with the San Mateo County and the Housing Endowment and Regional Trust (HEART), and the addition of low-income housing tax-credit equity. The renovations will replace aging building elements and systems with more efficient and higher-performing alternatives, restore and enhance the physical condition of the building, and ultimately enhance residents’ quality of life. The recapitalization also provides funding to enhance on-site services. Residents will have access to programs such as wellness and nutrition classes and referral services, free of charge.
All current residents will be able to remain in their units for the long term, and new deed restrictions have been placed on the property to ensure rent restrictions will continue for 55 years. Ocean View is affordable to seniors whose annual incomes range from approximately $14,928 to $84,500 (minimum income standard to 80% of Area Median Income, depending on household size), though 31 apartments will have additional subsidy provided by the Housing Authority of the County of San Mateo to serve people with lower incomes.
“We are delighted to have partnered with National Church Residences during this transition,” said Cynthia A. Parker, President and CEO of BRIDGE. “Ocean View provides much-needed housing for seniors in Pacifica, and we look forward to keeping it that way for the next 55 years.”
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ABOUT BRIDGE HOUSING
BRIDGE Housing Corporation, a leading nonprofit developer of affordable housing, creates, owns and manages a range of high-quality, affordable homes for working families and seniors. Since it was founded in 1983, BRIDGE has participated in the development of over 16,000 homes serving more than 40,000 people. For more information, visit www.bridgehousing.com.
ABOUT NATIONAL CHURCH RESIDENCES
National Church Residences is committed to excellence that transforms the lives of the people it serves. The not-for-profit organization is an innovative leader in integrating housing, health care and supportive services, serving seniors of all income levels and families. With 340 communities in 28 states and Puerto Rico, National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing. It also operates full-service retirement communities in Ohio and Florida, as well as supportive housing for the formerly homeIess and disabled in Ohio and Georgia. The National Church Residences model of person-centered care includes adult day health, assisted living, senior housing, skilled nursing homes, rehabilitation center, outpatient therapy, home health care and hospice. For more information, visit www.nationalchurchresidences.org