Ivy II at College Park comprises 200 apartments for families and is affordable to households earning 50% to 60% of Area Median Income (up to $38,700 for a family of four). The property, which borders Ivy’s first phase of 135 affordable apartment homes, is located on a nine-acre site within the 200-acre College Park master plan area, adjacent to the Chaffey College Chino Campus.
“We’re thrilled to complete the second phase and bring a total of 335 affordable homes for families to the community,” said Cynthia A. Parker, President and CEO of BRIDGE Housing. On-site amenities at Ivy II at College Park include a pool, fitness center, BBQ area and garden, a tot lot and a community room. The property is designed to be GreenPoint Rated Gold.
“Investing over $33 million with long time partner BRIDGE Housing to create this next phase of Ivy at College is a great opportunity to help drive sustainable economic growth, with affordable family living that is walkable and set amongst parks and green space along with attracting visitors to new restaurants and shops,” said Al Arguello, Bank of America Inland Empire market president. “This project meets the needs of the community, its future Ivy at College II residents and the local economy – a true win win.”
“The National Affordable Housing Trust (NAHT) is honored to have partnered with BRIDGE Housing and J.P. Morgan on this wonderful new development in Chino, CA. This provides a place for 200 families to thrive and the opportunity to help their children reach their full potential,” said Lori Little, President and CEO, NAHT.
“PGIM REF is proud to play a role in helping create hundreds of affordable housing units in the beautiful College Park area,” said Kenji Tamaoki, Principal of PGIM Real Estate Finance. “I’m excited to see the end product and the added vibrancy it will bring to the area.”
Financing for the $41.6 million project is being provided by the City of Chino, Bank of America, N.A., National Affordable Housing Trust, J.P. Morgan, PGIM Real Estate Finance, Freddie Mac Multifamily, the California Tax Credit Allocation Committee, the California Debt Limit Allocation Committee and the Housing Authority of the County of San Bernardino. The architect is KTGY Architecture + Planning and the general contractor is Cannon Constructors South, Inc.
Among the expected speakers at the grand opening: Hon. Eunice Ulloa, Mayor of Chino; Kimberly McKay, BRIDGE Housing Corporation; Ari Beliak, Bank of America, N.A.; Paul Cummings, National Affordable Housing Trust; and Kenji Tamaoki, PGIM Real Estate Finance.
For more information about BRIDGE Housing, visit bridgehousing.com.
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