U.S. Bank Celebrates Grand Opening of Connections Housing
Bank provided $16 million loan for acquisition and rehab of former World Trade Building
SAN DIEGO--(BUSINESS WIRE)-- 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
U.S. Bank 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 (NYS: 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.
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