Western Alliance Provides $78M Financing for Low-Income Housing in Mission District

Western Alliance Bank is providing $77.9 million in construction financing and Low-Income Housing Tax Credit equity for The Marvel in the Mission, the largest affordable housing development in San Francisco’s Mission District. At full buildout, the project will provide 400 units of permanent supportive housing at the intersection of 16th and Mission streets.

The lender will join Mission Housing Development Corporation, the Mission Economic Development Agency and community leaders on April 23 for a groundbreaking ceremony marking the start of construction on Phase 1 at 1979 Mission St., near the 16th Street BART Plaza.

“Sixteenth and Mission is one of the most storied intersections in San Francisco, and one of the most in need,” said Mieke Holkeboer, director, affordable housing finance at Western Alliance. “Mission Housing and MEDA have designed a community that offers more than housing. It offers stability, dignity and support.”

On May 28, Connect Los Angeles brings together 600+ high-level owners, investors, developers, brokers, and lenders shaping the region’s market for a full day of insights and networking. Be in the room with decision-makers driving deals across LA, SoCal and the nation—register now: www.connectLA26.com

Connect

Inside The Story

Western Alliance

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints