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San Francisco Silvercrest dedicated

August 19, 2005
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An overflow crowd filled the expansive dining area of the San Francisco Silvercrest, as residents, friends, and community leaders gathered for its dedication ceremony.

In greeting the crowd, Divisional Commander Major Joe Posillico welcomed former divisional leaders Lt. Colonels Richard and Bettie Love, who initiated the renovation project during their tenure.

Lt. Colonel Donald Bell, chief secretary, drew warm applause as he addressed the crowd and noted that the project “was completed under budget and six weeks ahead of time.” He added that it cost $7 million to build and almost $40 million to rebuild.

The 257-unit residence for low-income seniors was built in 1973 and the renovation consisted of upgraded apartments, extensive earthquake retrofitting, and a new community center.

While the Army has traditionally relied primarily on Department of Housing and Urban Development (HUD) financing for the development of affordable senior housing, it was able to leverage $29.5 million from private-sector tax-exempt bonds to refinance its existing loan to keep the units affordable and to rehabilitate the property. Bank of America provided interim credit enhancement on the $29.5 million bond issue, which consisted of weekly variable rate bonds in the amount of $26.1 million and fixed rate bonds (directly purchased by Fannie Mae) in the amount of $3.3 million.

In order to lower its cost of capital, the Army also entered into an interest rate SWAP agreement covering the variable rate bonds. GMACCM Affordable Housing Division, a licensed Fannie Mae Delegated Underwriter and Loan Servicer, worked closely with the parties to successfully structure the multi-layered capital structure and underwrite the long-term bonds on behalf of Fannie Mae. ESIC, the Army’s equity investor, provided a $14 million cash infusion with project-based Federal Low Income Housing Tax Credits as a primary return on its investment. The Federal Home Loan Bank of San Francisco also provided a $1 million grant through its Affordable Housing Program sponsored by First Republic Bank.

All of its rental units are reserved for low income senior households. Approximately half of the units receive a HUD Section 8 subsidy; an additional 60 units receive a subsidy through the Mayor’s Office of Housing.

—Jennifer Byrd contributed to this article

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