According to Qiu, "There were other buyers interested in the property, but Bridge was clearly the best-suited buyer for this." The San Francisco-based developer specializes in affordable projects.
The development site is at 44155 Margarita Rd., at the northwest corner of Margarita and Dartolo roads. It is close to several shopping centers and near SR 79, which is known as Temecula Parkway where it passes through Temecula. Bridge plans 20 units in the first phase of construction, which will be designated for renters earning 120% of the area median income and is expected to be completed in the fourth quarter 2010. Phase two will include 70 family and 20 senior units for renters earning an average of 50% AMI; Bridge expects that, subject to tax credit allocations, construction could start as early as summer 2010 and should take 12 months to complete.
Qiu explains that Summerhouse was a fully entitled 110-unit senior living gated condominium project. After eight of the units were completed, the original developer went bankrupt. The bank then foreclosed and took title through a trustee's sale in late 2008.
Bridge's purchase of the project site was supported and funded by the City of Temecula. Qiu notes that the project includes a clubhouse, a recreational building, a pool and other common area amenities.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.