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2/11/25
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Presidio Bay Ventures has obtained $108.3 mil in structured debt to retire maturing construction financing for the Ventana Residences, a 193-unit, Class A multifamily community located at 99 Ocean Ave in San Francisco’s Outer Mission neighborhood. Ventana is the first and largest project delivered through the city’s HOME-SF program, legislation that rewards affordability inclusion with increased density and zoning benefits.
Presidio Bay acquired the 99 Ocean site in 2016 and successfully obtained entitlements for almost triple the original density allowable through the HOME-SF program focused on delivering more affordable housing in a supply constrained market. The project was completed in early 2024 and stabilized with strong performance, exceeding its original underwritten proforma.
Ventana Residences is located in San Francisco’s Outer Mission district, minutes from downtown. The community features 193 new rental homes with a mix of studio, one-, two-, and three-bedroom units to serve the area’s diverse community of families, students, and working professionals. Ventana is also home to approximately 9k sf of dedicated indoor and outdoor childcare space operating by Wu Yee’s Children’s Services.
Jeff Wilcox and Andrew Ferguson with Gantry arranged the new debt structure, which included two loans, placed with separate lenders. The 10-year first position loan was provided by a CMBS lending source, featuring full-term, interest-only and non-recourse terms. Mezzanine debt was provided by an institutional investment manager for a parallel 10-year term, structured with advantageous terms to accommodate the long-time horizon. Gantry also arranged a construction loan and preferred equity placement for the project in 2021.
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