File #: 230319    Version: 1 Name: Loan Amendment - TURK 500 ASSOCIATES, L.P. - 100% Affordable Housing - 555 Larkin Street - Not to Exceed $23,805,311
Type: Resolution Status: Passed
Introduced: 3/21/2023 In control: Clerk of the Board
On agenda: Final action: 5/3/2023
Enactment date: 5/3/2023 Enactment #: 206-23
Title: Resolution approving and authorizing the execution of a First Amendment to the Amended and Restated Loan Agreement with TURK 500 ASSOCIATES, L.P., a California limited partnership, to increase the loan amount by $4,266,311 for a new total loan amount not to exceed $23,805,311 to finance additional construction costs and loss of permanent financing related to the 100% affordable, 108-unit multifamily rental housing development (plus one staff unit) for low and moderate income households located at 555 Larkin Street in the Tenderloin neighborhood (“Project”); adopting findings that the First Amendment to the Amended and Restated Loan Agreement is consistent with the General Plan, and the priority policies of Planning Code, Section 101.1; and to authorize the Mayor and the Director of Mayor’s Office of Housing and Community Development to enter into amendments or modifications to the First Amendment that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the agreement or this Resolution.
Sponsors: Mayor, Dean Preston, Rafael Mandelman
Attachments: 1. Leg Ver1, 2. DRAFT First Amendment to Loan Agrmt, 3. DRAFT First Amendment to Deed of Trust, 4. DRAFT Third Amended Restated Note, 5. Executed Amended & Restated Gap Loan Agmt 011720, 6. Executed Deed of Trust 013020, 7. Second Amended & Restated Promissory Note 011720, 8. First Amended and Restated Promissory Note 122118, 9. PC Motion No. 20148 032918, 10. BOS Reso No. 7-20 011720, 11. BOS Reso No. 541-21 121021, 12. Form 126, 13. MOHCD Presentation 041923, 14. BLA Rpt 041923, 15. Cmte Pkt 041923, 16. SFPUC SB83 Support Ltr 04132023, 17. Board Pkt 042523, 18. Form 126 Final, 19. Leg Final, 20. Fully Executed Loan Documents 052623
Related files: 191265, 211053
Legislation Details
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