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TEMECULA, CA-Nonprofit developer Bridge Housing Corp. of San Francisco expects to begin construction in January on the first phase of a $25 million, two-phase affordable housing project of 110 units called Summerhouse that will be developed at a site on Margarita Road near State Route 79. Anton Qiu, a principal at TRI Commercial/Corfac Internationalin San Francisco, tells GlobeSt.com that the development site was originally planned as a seniors condominium project but that the property went into foreclosure before Bridge acquired it and converted it to affordable apartments. Qiu and Gary Cohen, also a principal at Tri Commercial’s San Francisco office, represented the bank in the $4.7 million REO sale of the project site.

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.

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