Boston Private is committed to the communities we serve. As such, we were proud to help finance a property that will offer 62 units of housing for the recently homeless in San Francisco. Boston Private provided a loan of $4,450,000 to 246 McAllister Street, LLC to refinance the Abigail Hotel at 246 McAllister St. in the Tenderloin neighborhood of San Francisco. Rebeca Patino, Boston Private Senior Vice President, Commercial Loan Officer, manages the relationship.
The Abigail Hotel will be part of the city’s Moving On Initiative, which provides opportunities for low-income individuals and families to move into private-market housing with rental subsidy, in turn, freeing up more supportive housing services for those currently homeless. The Abigail will be operated by the Tenderloin Housing Clinic and the city will pay to subsidize the units. Residents will be expected to pay 30% of their income toward the $1,400 monthly rent per unit, with the city subsidizing the remainder. The city hopes the first occupants will be able to move in by April.
“Boston Private has been a valuable and trusted partner; we appreciate their support and creativity in providing this type of financing offering,” said Dipak Patel, Managing Partner of the LLC.
In 2019, Boston Private helped to finance a similar initiative, refinancing renovation costs of the Bristol Hotel. The property is also operated by Tenderloin Housing as transitional housing for the formerly homeless.