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2/08/21
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Presidio Bay Ventures has obtained $80 mil in construction money for the development of the Ventana Residences, a 193-unit, family-centric residential project in San Francisco. The loan was arranged by Gantry.
The 193-unit, family-centric residential project sits on a 0.93-acre opportunity zone site at 99 Ocean Ave in the city’s Mission Terrace neighborhood. The site is near the Balboa Park BART station, and a 15-minute commute from some of the world’s most desirable employers, such as Google, Salesforce.com, McKesson, GAP, Facebook, Levi’s, Amazon, Charles Schwab, Uber, Twitter, Kaiser Permanente, Wells Fargo, and Dropbox.
Gantry’s Jeff Wilcox, Mark Ritchie, and Charlie Kokernak arranged the four-year loan. It 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,” commented Wilcox. “The project has been years in the making due to the city’s current backlog and the complex entitlement process. 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.”
Presidio Bay Ventures is currently overseeing the entitlement and development of more than 900 units of residential projects throughout California.
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