Offering a combination of senior and senior transitional housing, Bonnie Brae Village was an innovative concept from the beginning. During development, PNC's creativity was challenged by unforeseen difficulties which put the dream of nearly 100 units of housing for seniors in danger. PNC, working with the City of Los Angeles and other stakeholders in the transaction, provided the flexibility and leadership necessary to hold the transaction together. Thanks to the perseverance demonstrated by all involved, the first tenants were welcomed home in October 2010.
The 92 unit four story building on 0.64 acres is designed for seniors 62+ at 30% and 50% of area median income. Forty-five units will be rented to formerly homeless seniors.
There were significant hurdles to be overcome before the first resident moved in. After the building was completed, the original development agreement fell through. The dream of providing nearly 100 units of affordable housing to seniors who badly needed it was in jeopardy.
But PNC held true, working with the City of Los Angeles and other stakeholders, the bank provided the flexibility and leadership needed to hold the transaction together.
Thanks to PNC's creative approach and commitment to the spirit of the project, Bonnie Brae Village opened its doors in October 2010, a year after construction was complete.
Richard Shea, vice president, PNC Real Estate recalls, "It was an incredible feeling to visit the property after it was occupied. One elderly woman I met had been spending her nights riding an inner city bus to keep warm. She was overwhelmed that now she found herself in a beautiful apartment."
PNC was recently recognized for its commitment to the project by the non-profit general partner.
To learn more about this project and view the Bonnie Brae Village property, watch our video below.