Brea moves to finance affordable senior housing with $60M bonds

Brea City Council members approved allocating $60 million in bonds for an 85-unit affordable senior apartment project at Mercury Lane and Berry Street, according to Voice of OC.

The project would add income-restricted senior housing in an Orange County city that is working toward state housing targets before a 2029 deadline.

Voice of OC reported that the council voted unanimously this week to cancel a previous project at the same site and move forward with financing the senior housing plan, which was approved on Aug. 19, 2025.

The California Municipal Finance Authority will issue the $60 million in bonds to C&C Development, according to Voice of OC. City officials said the debt will not affect Brea’s budget because the developer is responsible for repayment.

The planned five-story building would include 85 multifamily units, with 84 reserved for lower-income households, Voice of OC reported. The targeted units are for seniors making less than 70% of the area median income.

Todd Cottle of C&C Development said the projected construction budget is about $44 million, according to Voice of OC. Brea plans to issue a construction permit to the developer this month.

Voice of OC reported that senior, veteran and local preferences are expected to be included in the leasing process. Brea Senior Management Analyst Marie Dao said at the Tuesday meeting that the project includes amenities such as a community game room, enclosed patio, laundry facility, fitness area, bicycle storage and rooftop deck.

The prior proposal at the 1.01-acre site would have added 114 multifamily units, according to Voice of OC. The property was previously owned by Manley Fanticola Holdings, then sold to Lennar Homes of California in 2025 and later to C&C Development, according to Dwight Manley.

Under Brea’s 2021-29 Housing Element, the city must plan for 2,365 homes, including 1,062 for very low- to low-income households, according to Voice of OC.