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File #: 210764    Version: 1 Name: Loan Agreement - Ambassador Ritz Four Percent, L.P. - 55 Mason Street and 216 Eddy Street - Not to Exceed $44,465,000
Type: Resolution Status: Passed
Introduced: 6/29/2021 In control: Clerk of the Board
On agenda: Final action: 7/30/2021
Enactment date: 7/30/2021 Enactment #: 364-21
Title: Resolution approving and authorizing the execution of a Loan Agreement with Ambassador Ritz Four Percent, L.P., a California limited partnership, in an aggregate total amount not to exceed $44,465,000 for a minimum term of 55 years for a portion of the loan amount and maximum terms of 15 years, 28 years, and 40 years for other portions of the loan amount based on the requirements of the funding sources, to finance the acquisition and rehabilitation of an existing 100% affordable multifamily rental housing project for low income households, known as “Ambassador Ritz 4%,” consisting of 187 rental units in two buildings located at 55 Mason Street and 216 Eddy Street; and adopting findings that the Loan Agreement is consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1.
Sponsors: Mayor
Attachments: 1. Leg Ver1, 2. GPR 062221, 3. DRAFT Amended and Restated Loan Agmt, 4. DRAFT Promissory Note, 5. DRAFT Deed of Trust - 55 Mason St, 6. DRAFT Deed of Trust - 216 Eddy St, 7. DRAFT Declaration of Restrictions - 55 Mason St, 8. Form 126, 9. Pres Action Memo 070721, 10. BLA Report 071421, 11. Comm Pkt 071421, 12. Board Pkt 072021, 13. Form 126 Final, 14. Leg Final
Legislation Details
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