SAN FRANCISCO—RED Mortgage Capital LLC, themortgage banking arm of RED Capital Group, hasprovided a $58.8-million FHA section 221(d)(4) mortgage to SanFrancisco-based Emerald Fund Inc. for 101 PolkApartments in downtown San Francisco.

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Serving as both the developer and management agent, Emerald Fundwill construct and deliver 162 units of new class-A housing, ofwhich 19 units will be affordable to residents earning no more than55% of area median income, to the downtown San Francisco area.Located in the Civic Center/Mid-Market District of San Francisco,which is undergoing significant revitalization, according to REDMortgage Capital, “this project will provide desperately neededhousing.”

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In March, GlobeSt.com reported that the $82.8-millionmultifamily development in San Francisco isexpected to generate approximately 350 union jobs. The162-unit complex will be located on .30 acres, and consist of a13-story residential structure with a subterranean parkinggarage.

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The area surrounding the Civic Center/Mid-Market Districtconsists of a mixture of commercial and residential developmentwith office and multifamily developments transforming theneighborhood into a desirable live, work and play location.

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Many high-tech companies such as Twitter, Dolby Laboratories,Yammer and Zoosk also have an established presence in the immediatearea. As well, the neighborhood includes many cultural amenitiesand performing arts facilities alongside City Hall, the Veteran'sWar Memorial building and several state and federal governmentoffices.

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Rick Andrews, RED Mortgage Capital, notes that“The City of San Francisco is a challenging market for newconstruction due to its onerous entitlement, plan review, anddevelopment approval process.”

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.