NeighborWorks Capital closed a $650,000 predevelopment/bridge loan with Chinatown CDC in March 2019. Our loan will give Chinatown CDC funds to complete the rehabilitation of 462 Green Street, a six-apartment building on San Francisco’s Telegraph Hill. Chinatown CDC has secured financing commitments from Mayor’s Office of Housing & Community Development, Office of Community Investment & Infrastructure, NeighborWorks America, and Northern California Community Loan Fund for the $4.4 million project.
The majority of the funds will be used for major rehabilitation, including accessibility and fire and life safety improvements, as well as upgrades to the building envelope, and MEP systems. Chinatown CDC will also use the funds to complete the soft story retrofit and add an accessory dwelling unit to the property.