Citibank and BRIDGE Housing Celebrate Creation of 341 Affordable Family and Senior Citizen Housing Units at North Beach Place; Citibank Provides Loans Totaling $56 Million.News Editors/Business Editors/Real Estate Writers SAN FRANCISCO--(BUSINESS WIRE)--June 17, 2003 Project Construction Costs to Total $102 Million Citibank today hosted a Block Party event to celebrate the creation of 341 new units of affordable housing and 17,000 square feet of retail at North Beach Place. On hand for the celebration were San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Mayor Willie Brown The name Willie Brown may refer to:
North Beach Place is the largest mixed-use, mixed-income development of its kind in California, one of the largest urban revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. projects of its kind in the U.S., and one of the largest community development real estate transactions in Citibank's 191-year history. Located near Fisherman's Wharf Fisherman's Wharf may refer to:
A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. of $56 million, of which $24 million will convert to permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. at the completion of construction. "North Beach Place is a great example of community stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. collaborating to create something extraordinary that no one segment, public or private, could create alone," said Mayor Willie Brown. "We are fortunate to have a company with Citibank's resources so actively involved in our city, to have the continuing support of federal and state officials, and to have the creative, constructive input of the residents and merchants of this neighborhood. This development belongs to all of us." "We see our role at Citibank as a catalyst for community improvement," said Marge Magner, COO of Citigroup's Global Consumer Group. "That commitment is even stronger now in the Bay Area and in California since we acquired Cal Fed Bank last year. We look forward to participating in many more celebrations like this one." North Beach Place is one of many community development projects in California made possible, in part, by Citibank funding. Other projects include the award-winning Fruitvale Transit Village A transit village is a planned development around a transportation hub, such as a train station, with the intent to make it convenient for village dwellers to get to/from work or run errands and travel via a public transportation network. in Oakland and an affordable housing development at the new California State University Enrollment  campus at Channel Islands. In addition to loans and investments in the
state, the Citigroup Foundation has become increasingly supportive of
California non-profits with capacity-building grants over this past
year.
"We're proud to see North Beach Place come to life for this city," commented BRIDGE Housing Corporation President Carol Galante. "It is a true team effort, benefiting from the hard work and deep commitment of the neighborhood and a range of public and private partners. Citibank really stepped up with the major financing needed to make large-scale revitalization possible for the community." "Serving as the lead provider of bank financing for this project is consistent with a commitment Citibank made last year to bring our resources to more people in California and Nevada," said Andy Ditton, Director, Citigroup Community Development. "We are proud to be a part of North Beach Place and many other projects across the West that are transforming neighborhoods and positively impacting people's lives." Along with providing 341 affordable apartments for low-income families and senior citizens, North Beach Place will offer 17,000 square feet of ground floor retail space. A majority of the retail space, 11,000 square feet, will be occupied by a Trader Joe's Trader Joe's is a privately held chain of specialty grocery stores headquartered in Monrovia, California. As of September 2007, Trader Joe's has a total of 284 stores.[1] Market. Occupying the remaining commercial space will be a variety of businesses and resident entrepreneurs, a community center and child-care services. North Beach Place received the largest state and federal tax credit allocation ($55 million) since the enabling Tax-Reform Act of 1986. Along with Citibank's financing, in which Fannie Mae Fannie Mae: see Federal National Mortgage Association. has participated with a $25.7 million interim loan, additional construction financing totaling $46 million has come from the San Francisco Housing Authority, the San Francisco Mayor's Office of Housing, Federal Home Loan Bank and Related Capital. BRIDGE Housing, a San Francisco-based nonprofit, has a wealth of experience in creating affordable housing in the city, having participated in the development of 15 affordable developments here alone. BRIDGE has won numerous regional and national awards for planning, building and managing its portfolio of more than eighty affordable properties statewide. Citibank, which acquired Cal Fed Bank in November 2002, now has 401 financial centers in California and Nevada, and is fourth in deposit market share in California. About BRIDGE Housing Corporation BRIDGE is the largest non-profit affordable housing developer in California, and a nationally recognized leader in cutting edge housing development practices. Since its inception in 1983, BRIDGE has participated in the development of over 10,000 homes serving over 23,000 Californians. Additional information may be found at: www.bridgehousing.com. About Citibank Citibank is a member of Citigroup (NYSE NYSE See: New York Stock Exchange :C), the preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with some 200 million customer accounts in more than 100 countries that provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Banamex, and Travelers Life and Annuity. The Citigroup Foundation focuses its grants primarily in three areas: building communities and entrepreneurs, financial education, and educating the next generation. Additional information may be found at: www.citigroup.com. |
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