Citywide Affordable Housing Loan Committee Meeting

3300 Mission Partners L.P. is seeking $6,500,000 in financing for predevelopment and acquisition for 3300 Mission Street, a new construction project. The project will accommodate 35 studio units and these funds will take out an existing loan to acquire the land and support predevelopment activities. The development team is a joint venture made up of Bernal Heights Housing Corporation (BHHC), Tabernacle Community Development Corporation (TCDC), and Mitchelville Real Estate Group (MREG).

Bernal Heights Housing Corporation, Tabernacle Community Development Corporation, and Mitchelville Real Estate Group

440 Geary LLC is requesting $ 47,386,810 in permanent financing to take out the HAF’s acquisition/rehabilitation loan on the Hotel Diva. The project was one of the first two Homekey acquisitions in the City, and now provides 121 SROs and 1-bedroom units for those experiencing homelessness, plus one staff unit. The project was a collaboration between the nonprofit owner and service provider Episcopal Community Services (ECS) and the San Francisco Department of Homeless and Supportive Housing.

Episcopal Community Services and San Francisco Department of Homeless and Supportive Housing

Mercy Housing California (MHC) and Homeless Prenatal Program (HPP) request acquisition and predevelopment take-out financing in support of 2530 18th Street, a new construction 74-unit affordable housing development with 50% (37) of the units set aside for families who have experienced homelessness (Project), in the total amount of $9,846,900.  The Acquisition Take-Out Loan would be made to 2530 18th, LLC, an affiliate of the Homeless Prenatal Program (HPP), in the amount of $4,900,000 to pay off a loan with First Republic Bank (FRB), and the Predevelopment Loan would be made to Mercy Housing California 104, L.P. to pay off a predevelopment loan with San Francisco Housing Accelerator Fund (SFHAF) and other predevelopment costs, in the amount of $4,946,900, to cover the Project through construction close.

Mercy Housing California and Homeless Prenatal Program