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Chelsea Receives $23M in Financing from U.S. Bank

SAN DIEGO—Chelsea Investment Corp. has received $23 million in Low-Income Housing Tax Credit equity for the development of Fairbanks Commons Apartments. The financing is being provided by U.S. Bank.

Fairbanks Commons is part of the Del Sur master-planned community in San Diego’s Black Mountain Ranch neighborhood, and is the third of four phases of inclusionary housing projects.

“We’re proud to partner with Chelsea to bring this project to San Diego,” said Steve Stuckey, San Diego market president for U.S. Bank, in a statement. “Given its proximity to state-of-the-art schools and placement in a growing neighborhood, Fairbanks Commons will be an attractive, convenient housing option for qualifying San Diego families.”

The 165-unit, 13-building Fairbanks Commons is currently under construction with a target completion date of early 2014. The project will have a common courtyard and swimming pool as well as amenities like a playground, laundry facilities, computer center, and after-school program for children.

Fairbanks Commons is the eighteenth community development project that U.S. Bank and Chelsea have partnered to develop and finance. Del Sur’s second phase, Fairbanks Ridge Apartments, was completed in 2007 also with the help of permanent and construction financing from U.S. Bank.

“Fairbanks Ridge and Fairbanks Commons are addressing the affordable housing needs of Del Sur and fostering a more mixed-income community,” said Jim Schmid, founder and CEO of Chelsea. “We’re grateful for the community’s support of our vision to broaden economic integration and for U.S. Bank’s assistance in making the projects financially possible.”

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