Betel Apartments
Betel Apartments is located on the historically significant part of 24th Street that represents the core of the San Francisco Mission District. The property, constructed in 1974, is one of the oldest affordable housing properties in San Francisco. Its expansive community courtyard represents massive redevelopment potential and benefit for the residents, rehabilitation of which is scheduled to start in October, 2015.
Along with the new play area and play structure, and new landscaping that will be designed in the wholly redesigned courtyard, the community room will also be updated and provided with new amenities such as new computers and new kitchen appliances. Additionally, resident units will be entirely refreshed and upgraded with the latest energy efficiency improvements. New cabinetry, countertops, appliances, flooring, paint, shower/tub surrounds and lighting & plumbing fixtures will be installed in each and every residential unit. Structural, waterproofing and lighting upgrades to the podium and parking garage areas round out this very complete rehabilitation. These improvements will result in a Green Point Rating for the project.
Impact partnered with Mission Housing Development Corporation a second time to execute on the project’s redevelopment plan. Impact worked through the HUD 236 Loan Prepayment and the HUD HAP renewal & assign processes on behalf of the seller and the project.
The residents will benefit from the ongoing efforts of Resident Services Coordinators through our partner, Mission Housing Development Corporation. Programs will be tailored for the working families and children that occupy the property.
Impact provided transaction coordination services, as well as construction & operating guarantees to its partner and the project.
Summary
Name: Betel Apartments
Location: San Francisco, CA
Property Type: Family, 100% Affordable
Total Project Cost: $38,100,000
Unit Mix: 50 Units
- 25 2-Bedroom Units
- 21 3-Bedroom Units
- 4 4-Bedroom Units
Date Acquired: July 10, 2015
Rehabilitation Cost: $8,700,000
Financing Partners: Citi Community Capital
City Real Estate Advisors
Financing: Citibank Private Placement
Low Income Housing Tax Credits
Tax-Exempt Multifamily Housing Bonds
