In 2021, Mission Housing Development Corporation completed its purchase of the Apollo Hotel -- the iconic Mission District building located on 16th Street.
The buyout came after a two-year negotiation with Oceanside Capital Advisors -- the investor partner for Apollo Hotel, Altamont Hotel, and Juan Pifarre Plaza.
In addition to the buyout, Mission Housing was able to secure a refinancing loan from the San Francisco Housing Accelerator Fund (SF HAF) against the property to pay the purchase price for Apollo's buyout and fund the property's immediate repairs.
Construction in slated for the Spring of 2022 with completion scheduled for the Fall.
The buyout and subsequent construction are some of the steps Mission Housing took in 2021 to preserve affordable housing.