Community
Brea advances $60 million bond financing for affordable senior housing
The 85-unit Mercury Senior Apartments project is planned near Mercury Lane and Berry Street, with the developer responsible for repaying the conduit bonds.
Brea City Council members unanimously approved up to $60 million in conduit-bond financing for an affordable senior apartment project, Voice of OC reported October 8.
Project: Mercury Senior Apartments
Size: 85 units
Affordability: 100% affordable senior housing
Developer, not the city, repays the bonds
The financing is structured as conduit debt, meaning the housing developer is responsible for repayment rather than Brea’s general fund. Voice of OC reported that the new plan replaces an earlier project at the site.
The apartments are planned near Mercury Lane and Berry Street. Eighty-four residential units are intended for seniors earning less than 70% of the area median income, with the remaining unit typically reserved for on-site management.
Project was approved in 2025
Official Brea planning records describe Mercury Senior Apartments as an 85-unit, fully affordable senior-housing development. The city previously approved an affordable-housing agreement, loan agreement and density-bonus agreement for the project in August 2025.
Sources: Voice of OC → · City of Brea records →