Project Description
Market Square Manor is a high density mid-rise project in the East Village of San Diego. It consists of 200 furnished studio units for very low income seniors. It includes a commercial quality kitchen for meal service to residents and other clients of the non-profit sponsor of the project.

Project Problem
The problem presented by the project was to replace hundreds of SRO units that had been home to very low income seniors in downtown San Diego and to include a commercial kitchen that could be used to provide 6,000 meals per day for the low income seniors clientele of the non profit senior citizens service provider. In addition, the project was intended to provide executive and administrative offices for the Company’s non profit client.

Chelsea’s Strategy
Since the project was intended to provide facilities and services for the non profit client of the Company, housing for a portion of its clientele, and food services for thousands of senior citizens, the Company sought financing from a broad range of real estate finance and social service agencies from both the public and private sectors. The Company arranged financing including 9% low income housing tax credits, loans and grants from the redevelopment agency and San Diego Housing Commission. A grant from the Federal Home Loan Bank and a small permanent loan completed the plan of financing for the project.

Chelsea’s Solution
Market Square Manor demonstrates the ability of the Company to finance large, complex projects, including large service facilities which are available both to the residents and to the clients of the non profit sponsor of the project.