SAN FRANCISCO — Presidio Bay Ventures and American Realty Advisors have secured a $108.3 million loan for the recapitalization of Ventana Residences, a 193-unit community in San Francisco. Ventana Residences was built in 2023. According to the property website, the community offers studio, one-, two- and three-bedroom floor plans.
Residents have access to amenities such as two roof deck lounges, a coworking hub with work-from-home spaces and conference rooms, indoor-outdoor fitness center, children’s playground, pet park, electric vehicle chargers, Wi-Fi connectivity and a package room.
Gantry brokered the recapitalization, which utilized senior permanent debt from Wells Fargo and mezzanine debt from TDA to retire the maturing construction loan.
In conjunction with the recapitalization, Presidio Bay has set aside half of the apartments as workforce and middle-income housing units. Income restrictions for these residences were not disclosed. Presidio Bay executed the voluntary regulatory agreement in partnership with the California Municipal Finance Authority and Pacific Housing.
Presidio Bay states that Ventana Residences is the first and largest project delivered through San Francisco’s HOME-SF program. HOME-SF offers increased density and zoning benefits to developers in exchange for setting aside a portion of the units in a new housing project for affordable to low, middle and moderate-income households.