Hayes Valley Care, San Francisco
Hayes Valley Care is a rehabilitation of a 1908 Victorian hotel to a 47 bed assisted living community in San Francisco. The project was re-entitled with the San Francisco Planning Department and licensed by the California Department of Social Services, providing memory care, hospice and an adult day care program in addition to assisted living. The project was financed initially through a private memorandum offering and a SBA 7A loan. The historic features of the building were preserved (including the rotundas), commercial tenants were bought-out, and the corner retail was converted into a restaurant to integrate the inner and outer community. The community was refinanced at stabilization and subsequently sold as part of a $29.9m transaction to a not-for-profit using tax-exempt bond financing.