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OCII approves ENA and $3.495 million predevelopment loan for Mercy Housing’s Mission Bay 6 West project
Summary
The Commission on Community Investment and Infrastructure authorized an exclusive negotiation agreement and a $3,495,000 predevelopment loan to Mercy Housing California 78 LP to advance a 140-unit affordable rental project (including a childcare facility and 35 relocation units) at Mission Bay Block 6 West; the vote was unanimous, 5-0.
The Commission on Community Investment and Infrastructure on July 18 authorized an exclusive negotiation agreement and a predevelopment loan of $3,495,000 to Mercy Housing California 78 LP to develop approximately 140 affordable family rental units and a ground-floor childcare facility at Mission Bay Block 6 West.
Gretchen Heckman, a development specialist at OCII, told commissioners the predevelopment loan "will pay for architectural design through to construction drawings, survey and engineering work, legal costs, due diligence studies and developer fee." She said the loan carries 3 percent simple interest and is expected to convert to a permanent OCII loan at construction closing. The ENA includes a $10,000 performance deposit, an initial 18-month term and an Executive Director–approved extension of up to 12 months.
The project program calls for…
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