Celebrating the Financial Closing of Miller Avenue Senior Housing
Congratulations to Beacon Communities Inc. and Rotary Plaza Inc. (RPI) on the financial closing of Miller Avenue Senior Housing in South San Francisco! This development will add 81 new homes affordable for seniors aged 62+, including 16 homes set aside for senior tenants with a disability. The five-story, elevator-equipped building will be constructed just a few blocks from lively Grand Avenue in downtown South San Francisco.
Construction financing of $20 million will be provided in combination with Citibank, Morgan Stanley and Silicon Valley Bank. Citibank will also provide $5.3 million of permanent financing. RPI will provide a $12,250,000 loan. Additional permanent financing includes $2.45 million in loans from The County of San Mateo Housing Authority and $810,000 of AHP funds. Enterprise will provide $12.8 million of equity.