FirstBank grants $21.5M in financing for Vista al Norte project in Guaynabo
FirstBank has provided $21.5 million in financing for the construction of Vista al Norte project, an affordable housing development in Guaynabo, which will benefit 102 families.
Vista al Norte is designed for low-income renters and will feature 102 single-family residential condominium units, including 52 one-bedroom units and 50 two-bedroom units, on a 1.7-acre lot on PR 169.
The units will be available for people who earn 60% or less of the median annual household income in Guaynabo’s, which is currently $45,832.
“Being part of the creation of new housing that not only offers those with low incomes the opportunity to have a home but also to realize savings in energy costs and water consumption is a reason for FirstBank to celebrate, as this will benefit an important sector of our community,” said Segundo Cardona, the project’s developer.
“For this reason, we want to reiterate our commitment and satisfaction in backing development projects such as this, which include high-caliber industry leaders, and serve to be sustainable and well-planned urban developments,” said Michael McDonald, director of FirstBank’s Business Group.
The project also integrates modern sustainability features in home construction, such as energy efficiency, water conservation and net metered energy, to generate clean energy and reduce costs for residents.
Amenities at Vista al Norte include a pool, gazebo, basketball court, soccer field, community room, computer room for educational activities, laundry facilities, a small public square, equipped exercise rooms, a passive recreation area, and a playground.
The announcement was made with Gov. Pedro Pierluisi and Housing Secretary William Rodríguez, who discussed the project’s significance and the utilization of federal Community Development Block Grant-Disaster Recovery funds.
