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.
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.”
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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