Presidio Bay Ventures Receives $120M in Construction Financing for Ventana Residences Multifamily Project in San Francisco
SAN FRANCISCO – Presidio Bay Ventures has received a $ 120 million mortgage loan to develop Ventana Residences, a shared apartment at 99 Ocean Ave. in San Francisco’s Outer Mission and Excelsior District. The project is a joint venture between Presidio Bay and American Realty Advisors. The TDA Investment Group (TDA) and the AFL-CIO Housing Investment Trust (AFL-CIO HIT) provided the construction finance.
The Ventana Residences offer 193 family-friendly apartments with 48 below market apartments in a mixture of studio, one, two and three-room floor plans. Community facilities include a fitness center, common rooms, on-site childcare facilities, a two-story rooftop terrace, and a large-format art program for the public. In addition, the project design includes sustainable elements such as solar photovoltaic modules on the roof, fully electric devices and individual submetering for utility companies.
The development of Ventana Residences, which are 100 percent unionized, will create more than 500 predominant wage jobs and provide 25 percent affordable on-site housing. This makes the project the largest community in San Francisco to be built under the city’s HOME SF program for affordable housing.