SACRAMENTO—West Gateway Place is one of the first transit-oriented workforce housing developments in California to receive the state's cap-and-trade funding. Located at 820 Delta Lane and 825 Tower Bridge Gateway in West Sacramento, West Gateway Place received affordable housing and sustainable communities program funding allocated in 2015 by the California Strategic Growth Council.
Co-developed by Jamboree Housing Corporation and the West Sacramento Housing Development Corporation in the West Sacramento Bridge District, West Gateway Place creates new apartment homes for 77 families in a mixed-use property that integrates its transit-oriented location with bicycle and pedestrian paths. These walkable features will help reduce carbon pollution through the site's sustainable footprint and energy-efficient design, creating a healthier living environment for all residents, according to West Sacramento mayor Christopher Cabaldon.
“West Gateway Place is sustainable in so many ways,” said Cabaldon. “It's strategically located near shopping, job centers and community resources so that residents can walk, ride a bike or use public transportation to get where they want to go, leaving their auto at home. As the centerpiece linking together three of our cities' urban revitalization districts, West Gateway Place's transit-oriented location plays an important role in reducing greenhouse gas and creating a healthier, stronger community for all of our residents.”
Climate change experts estimate that use of public transit by West Gateway Place residents could reduce greenhouse gas emissions by approximately 723,286 metric tons: the equivalent to taking 140,483 cars off the road for one year, saving 81 million gallons of gas.
Located on a 1.17-acre urban infill site, West Gateway Place consists of dual four-story buildings that encompass one-, two- and three-bedroom apartments with rents affordable to families earning 30% to 60% of the area median income. Each apartment home is equipped with Energy Star kitchen appliances and water-saving plumbing fixtures, as well as CRI Green Label, low-VOC carpeting and underlayment. The property features high-efficiency landscape irrigation with drought-tolerant and native plantings.
In other bridge-related news, Revere Capital completed $14.25 million in bridge financing for a Sacramento office building property owner and a building owner in Southern California's Inglewood.
Revere Capital extended a loan secured by an owner of a class-B 100,000-square-foot multi-tenanted office building located at 1860 Howe Ave. The investor plans to use the funding to complete tenant improvements to take the building occupancy from its current level to a target of 90% occupied or greater. The funding is also intended to pay leasing commissions.
Richard Caldwell, a senior vice president with Revere Capital based in the firm's San Francisco office, facilitated the loans. Terms of the loan on the four-story building were not disclosed.
“The borrower preferred bridge financing over long-term financing at this stage to avoid being encumbered by permanent financing while they are repositioning the asset,” Caldwell tells GlobeSt.com.
In a secondary loan, Revere Capital also provided financing to the owner of a 36,544-square-foot flex-office and industrial building located in Los Angeles County. The approximately 2-acre property is leased to Caliber Collision. Caldwell said the bridge loan is intended to support the borrower's long-term plans for the property.
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