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OCII approves $14 million loan and air-rights lease for Mercy Housing’s Block 6 affordable project; parking for affordable units reduced
Summary
The commission authorized a $14 million loan and a 75-year air rights lease to Mercy Housing for 69 affordable units on Transbay Block 6. Staff explained changes to the financial structure after investor underwriting and approved a reduction of parking allocated to affordable units with contingencies tied to potential AHP funding.
The Commission on Community Investment and Infrastructure on April 15 authorized a $14,000,000 loan to Mercy Housing California 62 LP to support construction of 69 affordable housing units (plus a manager’s unit) on Transbay Block 6 and approved terms for an air rights lease tied to that development.
Elizabeth Colomello, OCII development specialist, summarized the project program and financing. The Block 6 affordable component will include 56 one‑bedroom and 14 two‑bedroom units along with about 2,000 square feet of retail on the Folsom and Beale corner. As required by the disposition and development agreement, OCII will hold an air‑rights parcel above the shared garage and enter a 75‑year air rights lease with Mercy,…
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