Colosimo Apartments is an 11-unit family property built in 1982 in San Francisco's Mission District. Its size relative to transaction costs had made a renovation impossible in the past. By pairing it with nearby Apartamentos de la Esperanza, Impact structured a financing plan that paid for a complete interior renovation.
With Mission Housing Development Corporation, a nonprofit with neighborhood roots in the Model Cities program of the early 1970s, Impact completed $120,000 per unit of hard-cost construction. Impact guided the seller through a HUD Section 236 loan prepayment and HAP Mark-to-Market process that significantly increased rents paid to the project.
Units received new cabinetry, countertops, flooring, showers and tubs, paint, and lighting and plumbing fixtures. Structural upgrades, common-area lighting and flooring, and a renovated rear garden round out the work, which earned a GreenPoint Rating.