Villa Harvey Mandel
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
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.
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.
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.
CIC arranged and closed financing from the tax credit investor, San Diego Housing Commission, Federal Home Loan Bank and Centre City Development Corporation.