| Project Type: Inclusionary | Project Cost: $46 million |
| Project Location: San Diego, CA | Client: McMillin |
| No. Units: 440 | CIC Role: Developer |
Teresina is a 440 unit project developed in an upscale neighborhood in Eastern Chula Vista. It is built on a promontory with views of the Pacific Ocean, and has a rich amenity package that is consistent with luxury market rate apartment communities.
Project Problem
Teresina is a very large “mixed income” project comprised of 80% market rate units and 20% affordable units integrated
within the project
The project was unique in terms of sheer size. It is the largest apartment project ever developed in Chula Vista, as well as unique in complexity in that it fully integrated 88 affordable units into the market rate portion of the project.
Chelsea’s Strategy
The Company assembled a new, more sophisticated management team, including new senior level staff and outside consultants to develop the project.
The enhanced management team brought together for this project has largely remained intact since completion of the project. The Company also
made use of a financial partner to assist with execution of the project.
Chelsea’s Solution
The company financed this project with 4% tax credits and private activity bonds, issued by the City of Chula Vista. In addition, credit
enhancement was provided by Fannie Mae so that bonds could be sold in the public bond market.