Ascentris and San Francisco-based developer DM Development have closed 321 Florida, a 152-unit multifamily development located in San Francisco’s Mission District. At the same time, the partnership closed a $61.7 million construction loan with PNC Bank. The transaction marks Ascentris’ first development and joint venture with DM Development. Construction is expected to commence in November 2026, with completion anticipated in late 2028. The project will represent just the second market-rate multifamily building larger than 28 units to break ground in San Francisco since 2023.
Located at 321 Florida Street, the nine-story, Type I concrete apartment building will feature 152 residences, including 15 affordable homes, 39 covered parking spaces and approximately 10,000 square feet of indoor-outdoor rooftop amenity space. Planned amenities include a resident lounge, fitness center and outdoor terrace with panoramic views of the city skyline and San Francisco Bay.
“We
