Villa Harvey Mandel

Villa Harvey Mandel.JPG

Project Type: Special Needs

Project Cost: $13.2 million

Project Location: San Diego, CA

Client: St. Vincent de Paul

No. Units: 90

CIC Role: Co-Developer/Financial Consultant

Project Description
Villa Harvey Mandel is a unique 90 unit project located in the East Village of San Diego. Developed in collaboration with St. Vincent de Paul, Villa Harvey Mandel provides housing for formerly homeless persons, together with a rich menu of services designed to assist the transition of its residents to normal life.

Project Problem
St. Vincent de Paul wanted to finance Villa Harvey Mandel to accommodate formerly homeless persons. The project requires residents to pay very low rent for their units, so that rents would be affordable to persons working at minimum wage jobs.

Chelsea’s Strategy
Our strategy was to arrange exclusively “soft” financing for the project, so that rental income would only have to cover the operating expenses of the project.

Chelsea’s Solution
CIC arranged and closed financing from the tax credit investor, San Diego Housing Commission, Federal Home Loan Bank and Centre City Development Corporation.