SAN FRANCISCO, CA - Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured an $80,000,000 construction loan on behalf of Presidio Bay Ventures for the development of the Ventana Residences in San Francisco. The 193-unit family-centric residential project sits on a 0.93 acre opportunity zone site at 99 Ocean Avenue in the Mission Terrace neighborhood.
Gantry’s Jeff Wilcox, Mark Ritchie, and Charlie Kokernak represented the borrower in the transaction. The four-year loan commitment was placed with two pension fund co-lenders, TDA Investment Group and the AFL-CIO.
Gantry’s Wilcox said, “This is a rare development opportunity in San Francisco, being both an opportunity zone and a transit-oriented development. 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, and it is going to be a great pleasure seeing this project go vertical as it will provide much needed affordable and market rate housing.”
Presidio Bay Ventures is a highly experienced sponsor, having successfully executed on nearly $1 billion of real estate assets. The San Francisco-based firm is currently overseeing the entitlement and development of more than 900 units of residential projects throughout California.
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.
About Gantry: Gantry is the largest independently held, full-service commercial mortgage banking firm in the United States. Established in 1991 and headquartered in San Francisco, Gantry has expanded across the country and is staffed by 90 employees in regional offices in Los Angeles, Newport Beach, Seattle, Spokane, Phoenix, Las Vegas, Buffalo, and Portland. Gantry is the correspondent/servicer for a roster of the leading life insurance, CMBS and Agency lenders across the nation, placing more than $4 billion in loans per year. Gantry’s national servicing platform exceeds $16 billion, representing over 2,000 loans located in 40 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation.