SAN FRANCISCO-US Bank has committed nearly $25-million of financing to help the Boys & Girls Clubs of San Francisco build a new Clubhouse and administrative headquarters in the Western Addition. Opening in November 2014, the Don Fisher Clubhouse will allow the BGCSF to better serve youth in the city's Western Addition, Lower Haight, and Hayes Valley neighborhoods.
US Bank's commitment includes a $14.5-million capital campaign bridge loan and a $10.2-million New Markets Tax Credit equity commitment made possible through a partnership with Opportunity Fund, San Francisco Community Investment Fund, and USBCDE, US Bank's community development entity.
The Don Fisher Clubhouse will replace BGCSF's existing Ernest Ingold Clubhouse in the Upper Haight neighborhood, which was built in 1952. The new Clubhouse is within walking distance of 6,500 youth, many of whom currently travel long distances to the outdated Ernest Ingold facility.
“This new Clubhouse will serve over 190 youth each day and over 2,000 annually. The Club will be open year-round: every day after school and all-day in the summer months and during school breaks,” says Rob Connolly, president of Boys & Girls Clubs of San Francisco, in a prepared statement.
Over the last decade, BGCSF has engaged in a campaign to build three Clubhouses in San Francisco and significantly rebuild Camp Mendocino. The Don Fisher Clubhouse is the last major project in that campaign, and will require the Club's Board and president to raise $12 million from the philanthropic community to complete, according to the release.
Early in 2012, the San Francisco Board of Supervisors voted 11-0 in favor of selling us a parcel of land for the new Clubhouse. The Planning Commission, March 2013, approved the project in a 7-0 vote. A groundbreaking ceremony is expected to take place in September 2013 and the Grand Opening should occur by November 2014, according to the Boys & Girls Clubs of San Francisco website.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
