SAN FRANCISCO—RED Mortgage Capital LLC, the mortgage banking arm of RED Capital Group, has provided a $58.8-million FHA section 221(d)(4) mortgage to San Francisco-based Emerald Fund Inc. for 101 Polk Apartments in downtown San Francisco.
Serving as both the developer and management agent, Emerald Fund will construct and deliver 162 units of new class-A housing, of which 19 units will be affordable to residents earning no more than 55% 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 RED Mortgage Capital, “this project will provide desperately needed housing.”
In March, GlobeSt.com reported that the $82.8-million multifamily development in San Francisco is expected to generate approximately 350 union jobs. The 162-unit complex will be located on .30 acres, and consist of a 13-story residential structure with a subterranean parking garage.
The area surrounding the Civic Center/Mid-Market District consists of a mixture of commercial and residential development with office and multifamily developments transforming the neighborhood into a desirable live, work and play location.
Many high-tech companies such as Twitter, Dolby Laboratories, Yammer and Zoosk also have an established presence in the immediate area. As well, the neighborhood includes many cultural amenities and performing arts facilities alongside City Hall, the Veteran's War Memorial building and several state and federal government offices.
Rick Andrews, RED Mortgage Capital, notes that “The City of San Francisco is a challenging market for new construction due to its onerous entitlement, plan review, and development approval process.”
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