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OCII approves $19.1 million loan and ground-lease option for Carroll Avenue senior housing
Summary
The Commission on Community Investment and Infrastructure approved a $19,111,224 loan and ground-lease option to develop 121 very-low-income senior housing units and a relocated Bayview Senior Center; the project is tied to the Alice Griffith Choice Neighborhoods effort and expects to close financing in early 2014.
The Commission on Community Investment and Infrastructure on Sept. 3 authorized a $19,111,224 amended and restated loan agreement and a ground-lease option to support the Carroll Avenue Senior Housing development in Bayview Hunters Point.
Pam Sims, project manager in the Mayor's Office of Housing and Community Development, told commissioners the loan request comprises $3,800,000 in predevelopment funds and $15,100,000 for construction and permanent financing. "The loan request is for $19,111,224, which is comprised of $3,800,000 in predevelopment funding and $15,100,000 related to the construction and permanent financing," Sims said, describing the project as the first phase of off-site housing tied to the Alice…
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