An $80 million construction loan was recently secured on behalf of Presidio Bay Ventures for the development of the Ventana Residences in San Francisco. The 193-unit family-centric residential project sits on a 0.93-acre Opportunity Zone site at 99 Ocean Ave. in the Mission Terrace neighborhood.
Gantry’s Jeff Wilcox, Mark Ritchie and Charlie Kokernak represented the borrower in the transaction. The four-year loan commitment was placed with two pension fund co-lenders, TDA Investment Group and the AFL-CIO.
“This is a rare development opportunity in San Francisco, being both an Opportunity Zone and a transit-oriented development,” says Wilcox. “This strong commitment from two well-capitalized pension lenders is a vote of confidence for the long-term fundamentals of Bay Area multifamily real estate, and it is going to be a great pleasure seeing this project go vertical as it will provide much-needed affordable and market rate housing.”
The site is near the Balboa Park BART station, and a 15-minute commute from Google, Salesforce.com, McKesson, GAP, Facebook, Levi’s, Amazon, Charles Schwab, Uber, Twitter, Kaiser Permanente, Wells Fargo and Dropbox.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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