The Coronet, a new 150 unit affordable senior housing complex in San Francisco, CA, celebrated its grand opening last week.
The building will provide housing and health services for approximately 225 independent senior citizens in San Francisco’s Richmond district, and was financed in part by a $19.4 million tax credit equity investment from Union Bank.
Developed by BRIDGE Housing in collaboration with the Institute on Aging, the Coronet is a community-based nonprofit serving the region’s senior citizens. The six-story building was constructed on the site of the former Coronet movie theater, which closed in 2005.
“Union Bank is very pleased to have served as a financial partner for The Coronet,” said Senior Vice President Annette Billingsley, head of Union Bank’s Community Development Finance division. “The lack of affordable housing in this area hits senior citizens especially hard. Helping our longtime partner BRIDGE Housing provide 150 affordable apartments, as well as space for the Institute on Aging’s vital services, has been a gratifying opportunity to advance our mission here in the Bay Area and in Union Bank’s home city.”
The Institute on Aging’s Senior Campus, housed in The Coronet, provides a wide range of services to seniors and to disabled adults, including geriatric assessment services, support groups and creative classes. The facility features an education center and meeting rooms, fully-equipped arts studios and a senior fitness and rehabilitation center, among other resources.
“By integrating these high-quality affordable apartments with the Institute on Aging’s comprehensive, cutting edge services, we are helping approximately 225 seniors maintain their independence as well as their dignity,” said Cynthia Parker, President and CEO of BRIDGE Housing. “We are grateful to Union Bank, the city of San Francisco and all our financial partners for their critical assistance in turning The Coronet development into a reality.