Presidio Bay Ventures (Presidio Bay), a leading Bay Area-based commercial real estate development and investment firm, in partnership with American Realty Advisors has successfully completed the recapitalization of Ventana Residences, securing a total of $108,250,000 in long-term structured debt financing. 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 self-imposed rent restrictions on 50% of the units, expanding workforce and middle-income housing in San Francisco’s Outer Mission district. This creative recapitalization strategy was executed in partnership with the California Municipal Finance Authority (CMFA) and Pacific Housing, reinforcing Presidio Bay’s commitment to sustainable housing solutions.
“This recapitalization not only meets the city’s immediate housing needs but also positions the project as a cornerstone of its future,” said Cyrus Sanandaji, Managing Principal and Founder of Presidio Bay, “By balancing financial flexibility with our commitment to affordable and workforce housing, we’re securing the long-term stability of this project, ensuring it remains a vital part of the city’s housing landscape for years to come.”
Built entirely by union labor and financed by union pension fund capital, Ventana Residences is a prime example of what can be achieved through collaboration in delivering high-quality, mixed-income housing for the local workforce and community. The successful recapitalization of this project highlights the strength of partnerships between the city, developers, and the local workforce, setting a powerful precedent for future Home-SF developments in San Francisco. This milestone advances the city’s goal of adding 82,000 new homes by 2031, particularly for moderate-income families, while reinforcing Presidio Bay’s commitment to sustainable, workforce housing solutions.
For more information about Ventana Residences, please visit ventanaresidences.com
