City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
2
221172
Name:
Loan Amendment - Maceo May Apts, L.P. - 100%
Affordable Housing at 55 Cravath Street (formerly
401 Avenue of the Palms) - Not to Exceed
$39,238,000
Status:
Type:
Resolution
Passed
File created:
In control:
11/15/2022
Clerk of the Board
On agenda:
Final action:
12/16/2022
Enactment date:
12/16/2022
525-22
Enactment #:
Title:
Resolution approving and authorizing the execution of a First Amendment to the Amended and
Restated Loan Agreement with Maceo May Apts, L.P., a California limited partnership, to increase the
loan amount by $14,983,000 for a new total loan amount not to exceed $39,238,000 to finance
additional construction costs and loss of permanent financing related to the 100% affordable, 105 unit
multifamily rental housing development (plus one staff unit) for low and moderate income veteran
households located at 55 Cravath Street (formerly 401 Avenue of the Palms) on Treasure Island
(“Maceo Project”); and adopting findings that the First Amendment to the Amended and Restated
Loan Agreement is consistent with the General Plan, and the eight priority policies of Planning Code,
Section 101.1.
Sponsors:
Mayor, Matt Dorsey
Attachments:
1. Leg Ver1, 2. Draft 1st Amendment AR Loan Agreement, 3. Disposition and Development
Agreement 062911, 4. Ground Lease 040120, 5. Executed Gap Loan Memo 110422, 6. Housing Plan,
7. BOS Res. No. 246-11, 8. BOS Ord. No. 97-11, 9. BOS Res. No. 29-20, 10. BOS Res. No. 241-11,
11. Form 126, 12. BLA Report 113022, 13. Cmte Pkt 113022, 14. MOHCD Presentation 113022, 15.
Leg Ver2, 16. Board Pkt 120622, 17. Form 126 Final, 18. Leg Final, 19. MOHCD Memo FollowUp Rpt
050123
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
11/15/2022
1
RECOMMENDED AS AMENDED
Budget and Finance Committee
11/30/2022
2
Pass
AMENDED, AN AMENDMENT OF THE
WHOLE BEARING SAME TITLE
Budget and Finance Committee
11/30/2022
1
Pass
ADOPTED
Board of Supervisors
12/6/2022
2
Pass
APPROVED
Mayor
12/16/2022
2