EAGLE REAL ESTATE GROUP CLOSES $17,500,000 DEAL TO DEVELOP AFFORDABLE SENIOR HOUSING IN SAN BERNARDINO COUNTY

On February 1st, 2022, Eagle Hesperia 55 II LP issued approximately $12,000,000 taxable bonds to help finance a 96-unit affordable seniors community in Hesperia, CA. The taxable bonds are backed letters of credit issued by Cathay Bank and the Federal Home Loan Bank. Additionally, the County of San Bernardino made a $5,500,000 residual receipts loan participating in the affordable project. Developed, owned and managed by Eagle Real Estate Group, the community will provide resort style housing for low and moderated income seniors.

On February 1st, 2022, Eagle Hesperia 55 II LP issued approximately $12,000,000 taxable bonds to help finance a 96-unit affordable seniors community in Hesperia, CA. The taxable bonds are backed letters of credit issued by Cathay Bank and the Federal Home Loan Bank. Additionally, the County of San Bernardino made a $5,500,000 residual receipts loan participating in the affordable project. Developed, owned and managed by Eagle Real Estate Group, the community will provide resort style housing for low and moderated income seniors.

The fully gated and fenced property offers elevators in all residential buildings, security cameras throughout, and provides amenities imparting a strong sense of community. Residents will enjoy activities in a spacious 2,816 square foot clubhouse decorated with historical photographs of Hesperia, complete with kitchen facilities and a fitness center. The amenity-rich Eagle Villas, a 55+ Community also features a lap pool, jacuzzi, barbecues, outdoor seating raised bed planters for gardening and a dog park. Individual apartment homes include full sized washer and dryers, refrigerators, microwaves, private patios/balconies and ceiling fans.

Eagle Villas in Hesperia is the second phase replicating Eagle’s highly successful Santa Barbara Mission Style 55+ independent living communities in Colton, Yucaipa and Hesperia. “Expanding our Eagle brand back into Hesperia with its continuing growth provides the potential to develop long-term community relationships and future opportunities to serve the Inland Empire seniors,” said Friend. “We are so proud to close this inaugural deal with the County and Cathay” said Friend’s partner Wyn Holmes.

The County and Eagle will host a groundbreaking ceremony on April 21, 2022.