Freedom West Homes Surpasses $30 Million Milestone for Revitalization Plan

Deal News | Dec 03, 2024 | Macfarlane Partners LP

Freedom West Homes Surpasses $30 Million Milestone for Revitalization Plan

Freedom West Homes, a nonprofit housing cooperative in San Francisco's Fillmore District, has successfully secured over $30 million in funding for its ambitious $2.3 billion revitalization plan known as Freedom West 2.0. This funding milestone was achieved through significant commitments from key partners including the San Francisco Foundation, the Low Income Investment Fund (LIIF), and Menorah Park. The project aims to foster a mixed-income, mixed-use community and preserve affordable housing for long-term residents facing displacement due to gentrification. LIIF provided substantial financial backing, highlighting the project's potential to combat economic disparities. The Freedom West 2.0 initiative was showcased at the Parity Zone Symposium 2024 as a model for replication. Participants of the symposium, including MacFarlane Partners and several other institutions, discussed broader implications and strategies for fostering equitable economic opportunities. The event concluded with plans for a post-symposium task force to further refine the 'Parity Zone' framework as a guide for future projects. Freedom West's revitalization efforts highlight the capacity of resident-led initiatives to drive systemic change in urban development and housing equity.

Sectors

  • Real Estate Development
  • Nonprofit Sector
  • Investment Management

Geography

  • United States – The article is centered around a project in the Fillmore District of San Francisco, California, addressing local economic and housing issues.
  • San Francisco, California – The specific location of the Freedom West Homes project and the area greatly affected by its outcomes, making it a focal point for potential replication of similar initiatives.

Industry

  • Real Estate Development – The article discusses the development of a large-scale revitalization plan aimed at affordable housing and economic parity in San Francisco.
  • Nonprofit Sector – Freedom West Homes is a nonprofit housing cooperative, thus placing emphasis on community-led initiatives and nonprofit operations.
  • Investment Management – The involvement of investment firms such as MacFarlane Partners and others highlights the role of investment management in funding urban redevelopment projects.

Financials

  • $30 Million – Total funding raised by Freedom West Homes for predevelopment of its revitalization project.
  • $2.3 Billion – Projected cost of the Freedom West 2.0 revitalization plan.
  • $1.25 Million – Loan provided by LIIF to support the predevelopment phase under favorable terms.
  • $2.5 Million – Impact investment by the San Francisco Foundation in the Freedom West 2.0 project.

Participants

NameRoleTypeDescription
Freedom West Homes CorporationTargetCompanyA nonprofit limited-equity housing cooperative located in San Francisco's Fillmore District.
MacFarlane Partners LPInvestorCompanyA real estate investment management firm engaged in urban revitalization projects.
San Francisco FoundationFunderCompanyAn impact investor providing a significant funding commitment to Freedom West 2.0.
Low Income Investment Fund (LIIF)FunderCompanyA financial institution supporting economic parity in the development project.
Menorah ParkFunderCompanyA participant providing financial support to the Freedom West 2.0 initiative.
Institute for the Future (IFTF)CoordinatorCompanyAn organization leading efforts to refine the Parity Zone framework post-symposium.