Colosimo Apartments
Colosimo Apartments is an 11-unit family property built in 1982 located in the San Francisco Mission District. The size of the property relative to the transaction cost posed obstacles that had previously proven to be insurmountable. By combining the efficiency associated with a second nearby property, Apartamentos de la Esperanza, Impact was able to structure a financing plan that yielded complete renovation of apartment interiors.
Impact and its partner, Mission Housing Development Corporation, a local non-profit with neighborhood roots extending back to the Model Cities Initiative from the early 1970’s, implemented $120,000 per unit of hard cost construction to this housing for working families.
Impact guided the seller efficiently through a HUD 236 Loan Prepayment and HAP Mark-To-Market process that increased rents paid to the project significantly.
Improvements to resident units include new cabinetry, countertops, flooring, showers/tubs, paint, and lighting & plumbing fixtures. The property features a secure and intimate rear garden area which offers a small bit of seclusion to residents seeking it.
The Colosimo rehabilitation effort attained a Green Point Rating. Structural upgrades, common area lighting and flooring surface enhancements, and garden area renovation are all common area aspects of the renovation from which residents derive a benefit.
Impact provided predevelopment funds, construction & operating guarantees, and transaction coordination services to the Colosimo Apartments project and to Mission Housing Development Corporation.
Summary
Name: Colosimo Apartments
Location: San Francisco, CA
Property Type: Family, 100% Affordable
Total Project Cost: $29,000,000
Unit Mix: 11 Units
- 11 2-Bedroom Units
Date Acquired: August 27, 2014
Rehabilitation Cost: $1,350,000
Financing Partners: Citi Community Capital
City Real Estate Advisors
Financing: Freddie Mac Moderate Rehab Loan
Low Income Housing Tax Credits
Tax-Exempt Multifamily Housing Bonds
