A joint venture between Presidio Bay and American Realty Advisors has closed on $120 million in construction financing to develop a mixed-income, 193-unit rental community in San Francisco.
The AFL-CIO Housing Investment Trust, an impact-investment firm focused on workforce and affordable housing, provided the senior construction loan for the project, Ventana Residences.
Located at 99 Ocean Ave., the development marks the largest project built under the HOME-SF program.
Ventana Residences will offer 193 family-friendly apartments, with 48 designated as below-market-rate units. Community amenities will include a fitness center, co-working spaces, on-site childcare facilities, a two-level roof deck and a large-format, public-facing art program.
