City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
240730
Name:
Loan Agreement - 1000 Sutter LLC - 1000 Sutter
Street - 100% Permanent Supportive Housing -
Loan Not to Exceed $71,125,575
Status:
Type:
Resolution
Mayors Office
File created:
In control:
6/25/2024
Budget and Finance Committee
On agenda:
Final action:
7/16/2024
Enactment date:
Enactment #:
Title:
Resolution 1) approving and authorizing a Loan Purchase Agreement for the purchase of an existing
loan in an amount of $63,191,071 for a purchase price not to exceed $48,000,000 from the San
Francisco Housing Accelerator Fund (“SFHAF Loan”) related to the rehabilitation of a 214-unit single-
room occupancy residential building for permanent supportive housing to homeless households, with
two managers units, located at 1000 Sutter Street (the “Project”); 2) authorizing the assumption of
obligations under the SFHAF Loan to disburse an amount not to exceed $17,000,000 for rehabilitation
of the Project; 3) approving and authorizing an Amended and Restated Loan Agreement with 1000
Sutter LLC (“Borrower”) in an amount not to exceed $71,125,575 for a minimum loan term of 55 years
(“City Loan Agreement”) to consolidate the SFHAF Loan with a prior loan from the City to Borrower
after completion of the rehabilitation and provide permanent financing for the Project; 4) adopting
findings that the Project and proposed transactions are consistent with the General Plan, and the
eight priority policies of Planning Code, Section 101.1; 5) authorizing the Mayor and the Director of
Mayor’s Office of Housing and Community Development (“MOHCD”) to execute the Loan Purchase
Agreement and the City Loan Agreement, and make certain modifications to such agreements, as
defined herein, and take certain actions in furtherance of this Resolution, as defined herein; and 6)
authorizing the Director of MOHCD to enter into any additions, amendments, or other modifications to
the Loan Agreement that do not materially increase the obligations or liabilities to the City and are
necessary to effectuate the purposes of this Resolution.
Sponsors:
Mayor
Attachments:
1. Leg Ver1, 2. DRAFT SFHAF Loan Agrmt, 3. DRAFT Amended & Restated Loan Agrmt, 4. DRAFT
Amended & Restated Promissory Note, 5. DRAFT Amended & Restated Dec of Restrictions, 6. Loan
Agrmt 103020, 7. Promissory Note Gen Funds 103020, 8. Promissory Note Granada 111320, 9.
Standard Agrmt 110920, 10. Recorded Consent & Reaffirmation Subordination 020922, 11. Recorded
Dec of Restrictions 111320, 12. Recorded SFHAF Deed of Trust 111320, 13. Recorded MOHCD Deed
of Trust 111320, 14. PLN GPR 051524, 15. Form 126, 16. BLA Rpt 071024, 17. Cmte Pkt 071024, 18.
MOHCD Presentation 071024, 19. Board Pkt 071624
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
6/25/2024
1
RECOMMENDED
Budget and Finance Committee
7/10/2024
1
Pass
Board of Supervisors
7/16/2024
1