SAN DIEGO, Nov 11, 2003 (BUSINESS WIRE) -- U.S. Bank continues its commitment
to invest in the San Diego community by providing a $20.55 million loan to the
San Diego Housing Commission. The loan assists with the purchase of a new office
building for the housing commission. The agency, which helps house 75,000
low-income San Diegans each year, will occupy the majority of the building. The
new facility is part of a revitalization effort in a blighted area of the city.
The U.S. Bank investment is essentially a forward commitment for a term loan
with an extended amortization to assist the housing commission with the purchase
of the property at the completion of construction. As part of the loan
agreement, the San Diego Housing Commission will purchase a 103,224 square foot,
five-story building over subterranean parking situated on one-half city block of
land. The building will be part of a larger project called "Smart Corner" to be
developed by Lankford & Associates and constructed by Hensel Phelps Construction
Company. Total build-out will include a 299-unit, 19-story residential tower
designed as workforce housing.
"U.S. Bank knows that the San Diego Housing Commission is essential to the
community because it helps address the high cost of housing in the San Diego
area," said Patrick Pearson, vice president, U.S. Bank Government Banking.
"We're proud to support an organization that not only helps house families, but
provides learning opportunities for them so they can become self-sufficient."
Added Kurt Huppert, market manager for U.S. Bank Commercial Real Estate in San
Diego, "U.S. Bank was able to leverage its expertise in a variety of areas to
assist the housing commission. This is a fine example of the teamwork between
U.S. Bank's Government Banking, Commercial Real Estate and Capital Markets
divisions to create value added solutions for our customers."
Established by the San Diego City Council in 1979, the San Diego Housing
Commission is charged with helping to bridge the gap between the high cost of
housing in the City of San Diego and the high percentage of low wage earners -
helping to correct an imbalance that threatens the stability of the work force.
U.S. Bancorp (NYSE:USB), with $189 billion in assets, is the 8th largest
financial services holding company in the United States. The company operates
2,201 banking offices and 4,506 ATMs, and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp is the parent
company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.
SOURCE: U.S. Bank
CONTACT: U.S. Bank Media Relations
Karen Greenwood, 612-303-0732
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Copyright (C) 2003 Business Wire. All rights reserved.
SOURCE: U.S. Bank