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OCII approves Transbay Block 2 West loans and ground leases for 151 affordable senior units; 5d passes 4–1
Summary
The Office of Community Investment and Infrastructure approved loan and ground-lease agreements to finance 151 affordable senior rental units at Transbay Block 2 West, with occupancy priorities for Certificate of Preference holders and locally targeted contracting goals. The residential loan item passed 4–1; the commercial lease passed unanimously.
The Office of Community Investment and Infrastructure on Jan. 16 approved financing and ground-lease agreements to build 151 affordable senior rental units and three community-serving commercial spaces at Transbay Block 2 West.
Jasmine Kuo, a development specialist with OCII, told commissioners the project will be financed in two tranches: an approximately $62 million permanent residential gap loan and an approximately $3 million community commercial loan. The residential component will set aside 150 studio and one-bedroom units for households earning between 15% and 50% of area median income, plus one manager’s unit. Thirty units will be supported through the city’s local operating subsidy program for formerly homeless seniors, and 60 units will be subsidized…
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