Updated Feb 12, 2025
Cyrus Sanandaji And Stanley L. Iezman Secure $108.3M Financing For Ventana Residences In San Francisco
99 Ocean Avenue
$108,300,000
Units
193
Asset Type
MultiFamily
Closing
Feb 10, 2025
About this deal
AI
The asset involved is Ventana Residences, a 193-unit apartment complex located at 99 Ocean Avenue in San Francisco's Balboa Park, completed in 2023. The property is part of efforts to support affordable housing goals in the region.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $108,300,000
- Lender: Garry Spanner - TDA Investment Group & Wells Fargo
- Landlord: Cyrus Sanandaji - Presidio Bay Ventures & Stanley L. Iezman - American Realty Advisors
- Loan Type: Senior Permanent Debt & Mezzanine Loan
- Market: San Francisco
- Units: 193
The financing package secured by Presidio Bay Ventures and American Realty Advisors includes senior debt from Wells Fargo and a mezzanine loan from TDA Investment Group. The deal incorporates rent restrictions on half of the units to align with the Home-SF program aimed at affordable housing in San Francisco.
On the Map
$108,300,000
MultiFamily
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Players
San Francisco MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93