Bank provided $16 million loan for
acquisition and rehab of former World Trade Building
SAN DIEGO--(BUSINESS WIRE)--Mar. 11, 2013--
U.S. Bank will join Affirmed Housing Group on Monday, March 11 at 10
a.m. PT to celebrate the grand opening of Connections Housing, a
12-story historic building that will provide housing and services to San
Diego’s homeless. U.S. Bank provided $16 million in financing for the
construction and rehabilitation of the property, which is located at
1250 6th Avenue in San Diego.
“Connections Housing has been an important contributor to the health and
soundness of our community,” said Steve Stuckey, president of U.S. Bank
in San Diego. “We are proud to be their financing partner, and to join
the City of San Diego and San Diego Housing Commission to wish them
tremendous success in their new facility.”
Formerly the World Trade Center Building, the property has been
transformed into a service and residential community designed to reduce
street homelessness in San Diego's downtown neighborhoods by providing
permanent and transitional housing.
The project consists of 73 studio units, which will be rented out as
permanent supportive housing, plus two resident-manager units. The
building will also include a primary care and a healthcare center on the
first floor, 16 single-room-occupancy units and 134 transitional beds on
the second and third floors, a multiservice center with offices,
training and education rooms in the basement, and a full-service kitchen
with training facilities.
“The monetary support provided by U.S. Bank has been fundamental in the
completion of Connections Housing. Affirmed Housing Group is
consistently pleased with our continued financial relationship with U.S.
Bank and deeply appreciates their support,” said Jim Silverwood,
president of Affirmed Housing Group.
About U.S. Bank Community Lending Division
provides hundreds of millions of dollars of financing every year for the
development of affordable housing in communities all across the United
States. U.S. Bank customers are both for-profit and non-profit
developers who are bringing to life a full range of multi-family living
for both individuals and families. Together with these partners, U.S.
Bank is helping to address the shortage of affordable housing that
exists in nearly every state where we do business.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $354 billion
in assets as of December 31, 2012, is the parent company of U.S. Bank,
the 5th largest commercial bank in the United States. The company
operates 3,084 banking offices in 25 states and 5,065 ATMs and provides
a comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. Visit U.S. Bancorp on the web at usbank.com.
Source: U.S. Bank
Teri Charest, 612-303-0732
U.S. Bank Public Relations
U.S. Bank Public Relations