Civic
San Francisco, CA
“The HIT will make sure all the work is done union. That means more family-supporting union jobs for our members and more high quality union-built development for the community.”
—Michael Theriault,
Secretary-Treasurer, San Francisco BCTC
PROJECT DESCRIPTION
This project is construction of a 13-story residential building with 162 mixed-income rental units and an underground parking garage in San Francisco’s Central Market neighborhood. Project amenities include a residential lobby, open-air ground floor atrium, roof deck and garden, fitness center, and concierge desk.
HIT ROLE
The HIT provided $58 million in financing for The Civic through the purchase of taxable Ginnie Mae construction loan certificates and a permanent loan certificate. The HIT worked closely with the mortgage lender, Red Mortgage Capital, LLC, and the developer, Emerald Fund, to structure financing for the $82.8 million project.
SOCIAL IMPACT
The project site is adjacent to the city’s Civic Center in the Central Market neighborhood. The area has been slated by the San Francisco Office of Economic and Workforce Development for significant revitalization to create a vibrant urban environment that takes advantage of the neighborhood’s transit-rich location and many cultural amenities. The Civic is also helping San Francisco address its shortage of affordable housing, with 19 units reserved for residents earning up to 55% of the area median income.
With its sustainable and green features, The Civic was designed to meet California’s GreenPoint Program requirements and is expected to exceed the California Energy Commission’s Title 24 requirements, which promote greater energy efficiency.
The project generated an estimated 450 union construction jobs.
*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of March 31, 2020. Economic impact data is in 2019 dollars and all other figures are nominal.
This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.