San Francisco Supportive Housing Project Receives $35M Loan

The Chicago office of Merchants Capital has secured a $35 million construction loan on behalf of HomeRise for the renovation of San Cristina, a historic affordable housing community in San Francisco. Originally constructed in 1913 as an office building, San Cristina was acquired by HomeRise in 1991 and converted into one of the The City’s earliest supportive housing communities.

“We are excited about the opportunity to restore San Cristina housing to its historical glory. Our funding partnership with Merchants Capital is a vital part of our ability to continue to provide supported housing opportunities,” said HomeRise CEO Rick Aubry.

Upon completion, San Cristina will continue to provide affordable housing and enhanced support services offered by HomeRise. The construction loan was provided by Merchants Bank of Indiana with participation by the AFL-CIO Housing Investment Trust. “We commend the ongoing efforts by HomeRise to provide housing and supportive services for San Francisco residents most in need,” commented Merchants Capital EVP Lee Oiler.