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PROPERTY IMPACT STORY: SOUTH PARK, CONT. ... Rich in history, the next chapter for these buildings will include serving as affordable homes for formerly homeless and very low-income individuals and families with units set aside at 25%, 30%, 50%, 60% and 80% of the average median income. it’s rehabilitation, it is a primary goal to preserve these Filipino roots and eventually get the property designated as a historic site.
There were a handful of financial partners who came together to make South Park Apartment possible, even in the midst of a global pandemic. In addition to 4% LIHTC equity through CREA California Tax Credit Fund 75, LP and investors: Ally Bank, CIT Bank, CharlesSchwab,PacificWesternBank, Silicon Valley Bank, and one other, the tax exempt bonds and a construction loan will be financed with JP Morgan Chase Bank, N.A. The Preservation and Seismic Safety (PASS) program will also provide funding through the following three notes from the Mayor’s Office of Housing and Community Development (MOHCD): a $6.6MM market rate note, a $4.2MM below market rate note, and a $695k deferred note. In addition, the project will benefit froma$11.8MMcommunity development block grant/small sites program loan, a $3.1MM gap loan from MOHCD, and a $9.3MM sponsor loan from Mission Housing. South Park will also continue to benefit from a shelter + care (S+C) subsidy.
“Mission Housing and the City of San Francisco saw the need and acted on it, spending years to put this project together and providing the support and funding to make it possible,” said Shea. Current families and individuals at all properties are a priority and have been considered when making decisions on what services will best serve them. At South Park Apartments, residents will have supportive services made available through Mission Housing and the University of California San Francisco. These services will include: case management, health and wellness advocacy referrals, employment coaching and resources, tenant lease education, well-being workshops, weekly food pantry onsite, as well as group walks.
“South Park Apartments is one of the most meaningful, impactful projects I have had the privilege to be a part of,” said Richard Shea, SVP – Originator. “…This project will provide housing for the most needy and vulnerable, in a city where housing costs are the highest in the country.” Originally acquired and rehabbed by Mission Housing in 1987, Hotel Madrid and Park View currently offer single room occupancy and services to residents and will be adding additional units as part of the project’s rehabilitation. For their recent efforts and presence in the affordable housing space, they have been the recipients of a National Association of Housing and Redevelopment Officials’ (NAHRO) Merit Award for “Program Innovation: Direct Client and Resident Services.” In 2018, Mission Housing took part in the preservation of the historic Grand Oriente Filipino Hotel and officially added it to their portfolio in June of 2020. The Gran Oriente was first built in 1907 and became one of the first Filipino-owned businesses in the area in 1920 when it was purchased by members of The Gran Oriente Filipino Masonic fraternity. During
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