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Cyrus Sanandaji And Stanley L. Iezman Secure $108.3M Financing For Ventana Residences In San Francisco

Property Image
FINANCED
$108,300,000

California

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MultiFamily
Financed 02/10/2025
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Property Image
FINANCED

Cyrus Sanandaji And Stanley L. Iezman Secure $108.3M Financing For Ventana Residences In San Francisco

99 Ocean Avenue

See Similar Deals
MultiFamily
Financed 02/10/2025
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

TDA Investment Group
TDA Investment Group
LENDER
Wells Fargo
Wells Fargo
LENDER

Details

FINANCED
IMAGE: Garry Spanner, Cyrus Sanandaji & Stanley L. Iezman DATE: 02/10/2025 ADDRESS: 99 Ocean Avenue MARKET: San Francisco ASSET TYPE: MultiFamily ~ UNITS: 193 LENDER: Garry Spanner - TDA Investment Group & Wells Fargo (@WellsFargo) LANDLORD: Cyrus Sanandaji - Presidio Bay Ventures (@PresidioBay) & Stanley L. Iezman - American Realty Advisors LOAN AMOUNT: $108,300,000 LOAN TYPE: Senior Permanent Debt & Mezzanine Loan NOTE: Presidio Bay Ventures and American Realty Advisors secured a $108.3 million financing package for Ventana Residences, a 193-unit apartment complex in San Francisco’s Balboa Park, which was completed in 2023. The deal includes senior debt from Wells Fargo, a mezzanine loan from TDA Investment Group, and rent restrictions on half of the units, supporting the city’s affordable housing goals under the Home-SF program.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$108,300,000.00

Monthly NOI$722,000.00
Monthly Debt Service$684,529.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00