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Ventana to Provide Much-Needed Affordable Housing
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.
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- ◦Financing
