Western Alliance Bank is providing $77.9 million in construction financing and Low Income Housing Tax Credit equity for The Marvel in the Mission, the largest affordable housing development in San Francisco’s Mission District. The 136‑unit permanent supportive housing community will serve low‑income families and formerly unhoused residents at the intersection of 16th and Mission streets.
Western Alliance Bank’s Affordable Housing Finance Group is providing a $56.3 million tax-exempt construction loan, which will convert to a $5.6 million permanent loan at stabilization. The bank is also investing $21.6 million in Low Income Housing Tax Credit (LIHTC) equity, representing 49% of the project’s total equity, through the SFMH Club Fund.
Western Alliance will join Mission Housing Development Corporation, the Mission Economic Development Agency (MEDA) and community leaders on April 23 for a groundbreaking ceremony marking the start of construction on Phase 1 at 1979 Mission St., steps from the 16th Street BART Plaza.
“Sixteenth and Mission is one of the most storied intersections in San Francisco, and one of the most in need,” said Mieke Holkeboer, director, affordable housing finance, Western Alliance Bank. “Mission Housing and MEDA have designed a community that offers more than housing. It offers stability, dignity and support. It has been a privilege to work alongside this team on a project that will have a lasting impact in the Mission.”
The Marvel in the Mission addresses San Francisco’s ongoing shortage of affordable housing and supportive services for residents experiencing or at risk of homelessness. Phase 1 will deliver 136 units for households earning 30% to 50% of area median income. When complete, the multi-building development will provide nearly 400 deeply affordable homes across the Mission district.
Permanent supportive housing, which combines long-term affordable housing with on-site services, will be delivered by Mission Housing and Lutheran Social Services to support resident stability.
The Marvel in the Mission marks a return partnership for Western Alliance Bank and Mission Housing, following their Scattered Sites project, which renovated 69 public housing units across five San Francisco buildings. That project reinforced a shared commitment to doing complex, community-driven deals that go beyond the typical. With The Marvel in the Mission, Western Alliance serves as both senior lender and, through a partnership with LIHTC syndicator Merritt Community Capital Corporation, as the project’s largest equity participant.
“The Marvel in the Mission is a historic development that required true financial partners and community allies, not just banks who present themselves as such in order to underwrite a deal,” said The Marvel’s co-developers Mission Housing and Mission Economic Development Agency. “We’re very fortunate to have found these partners. They all truly care about the future and well-being of our neighborhood and the people who will live here in the future. The Marvel in the Mission would not have been built without them so we’re truly grateful for their partnership and commitment to our communities.”
Construction is underway, with completion expected in December 2027 and leasing anticipated to begin in March 2027. Future phases will include 134 units of family housing on Mission Street and 121 units on Capp Street.
