Loan at a Glance:
This $11,500,000 loan funds the borrower’s acquisition of Bridgeport Apartments, a 232-unit affordable housing project that will support the local community’s need for affordable housing. PCG’s subordinate $1,000,000 GAP loan participation fills a funding gap and allows the borrower to complete the acquisition.
Project Summary:
Following the acquisition, the borrower will complete a LIHTC-funded renovation and rehabilitation, resulting in all 232 units being affordable to households with up to 60% AMI.
Borrower Summary:
OPG Bridgeport Partners, a single-asset entity, was formed by Overland Property Group to acquire, renovate, and manage Bridgeport Apartments.
Loan Result:
An expected 580 beneficiaries reflect the local area’s demographics, where 46% identify as Black, 8% as Hispanic, and 12% as other ethnic and racial groups. The development is in a neighborhood with a 14% poverty rate and an unemployment rate 1.5 times the national average. 23.7% of rental households in the neighborhood are severely rent-burdened.