Apartamentos de la Esperanza
Apartamentos de la Esperanza is a 39-unit senior property built in 1979 located in the San Francisco Mission District. Impact partnered with Mission Housing Development Corporation, a legacy San Francisco affordable housing developer, to perform more than $120,000 per unit of hard cost construction to this important community asset.
Impact guided Esperanza through a HUD 236 Loan Prepayment and Mark-To-Market, maximizing the financing sources available for a robust property rehabilitation.
Resident units received a complete make-over with new cabinets, countertops, flooring, paint, and lighting & plumbing fixtures. The community room, along with its full kitchen, was completely re-configured to enhance its function in consideration for the services provided to the residents through Resident Service Coordinators.
Resident Services are provided by our partner, Mission Housing Development Corporation. These committed professionals link residents with services available in the community and design programs uniquely suited for these urban-dwelling senior residents.
The project achieved a Green Point Rating for its energy efficiency measures, far exceeding any programmatic mandate. Upgrades were made to every facet of the building’s systems, inside and out, from life safety systems to elevator modernization to new windows. Every element that comprises the residents’ experience with Esperanza has been enhanced.
Impact provided predevelopment funds, construction & operating guarantees, and transaction coordination services to its partner and the project.
Summary
Name: Apartamentos de la Esperanza
Location: San Francisco, CA
Property Type: Senior, 100% Affordable
Total Project Cost: $21,000,000
Unit Mix: 39 Units
- 27 Studios
- 11 1-Bedroom Units
Date Acquired: August 27, 2014
Rehabilitation Cost: $4,750,000
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
HUD Housing Assistance Payment Contract
