Mission Housing Development Corp And Mission Economic Development Agency Secure $77.9M Loan For Development Site

The asset involved in the transaction is a development site located at 1979 Mission Street in San Francisco. The loan amount secured for this property is $77,900,000, which will facilitate the construction of a major affordable housing project in the Mission District. This project is known as Phase 1 of The Marvel and will consist of 136 income-restricted and supportive housing units, with construction already underway and a targeted completion date of December 2027.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $77,900,000
• Lender: Western Alliance Bank
• Landlord: Sam Moss - Mission Housing Development Corp
• Landlord: Luis Granados - Mission Economic Development Agency

Mission Housing Development Corp. and Mission Economic Development Agency are the key entities behind this financing package, aiming to address affordable housing needs in the area. The involvement of Western Alliance Bank, along with LIHTC equity, underscores the financial backing necessary for the successful execution of this substantial housing initiative.