RICHMOND, CALIF. — The Pacific Cos. has opened the doors on Harbour View Apartments, a 61-unit affordable seniors housing community in Richmond, just north of Oakland along San Francisco Bay.
The four-story property features 50 one-bedroom units and 12 two-bedroom units. It cost $17 million to develop.
Financing for the project came from low-income housing tax credits, a forward interest rate swap, and $13 million in tax-exempt bonds.
The bonds were issued in two series with Mechanics Bank directly purchasing $9 million of the senior series and a private investor purchasing $4 million of the junior series. Wells Fargo Affordable Housing Community Development Corporation committed to purchasing the LIHTCs.
The Pacific Cos. is an Idaho-based developer of multifamily communities. Mechanics Bank is a California-based lender.