San Diego Business Journal

Housing Agency, Carlsbad Firm Debut $7.6M Apartment Complex

By Lou Hirsh Wednesday, April 4, 2012

Park Terramar, a 21-unit affordable housing apartment complex in northeast San Diego, held its grand opening on April 2.

The $7.6 million project, in the Torrey Highlands master-planned community north of state Route 56, was constructed with a $2 million loan from the San Diego Housing Commission. The complex was developed in partnership with Chelsea Investment Corp. of Carlsbad.

The Housing Commission acquired the ground in 2011 from Pardee Homes for $100 and also contributed a $2 million loan, according to a commission statement. The public agency recommended the Housing Authority of the City of San Diego issue $4 million in multifamily revenue bonds.

Chelsea obtained financing from US Bank, including construction and permanent loans totaling $4 million and tax-credit equity of $2.92 million, the statement said.

The units are currently fully leased, and will be rented in the future by families at or below 50 to 60 percent of the area median income.