August 7, 2019 Comments Off on Forge Development, Bridge Investment Launch 240-Unit San Francisco Micro MF Views: 860 Bay Area, California News

Forge Development, Bridge Investment Launch 240-Unit San Francisco Micro MF

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Forge Development Partners and Bridge Investment Group plan to break ground on the first newly-constructed privately-funded workforce housing development in San Francisco. TL 361, located at 361 Turk St. and 145 Leavenworth St. in the Tenderloin neighborhood, will transform two surface-level parking lots into a vibrant, mixed-use residential community, featuring two, eight-story standalone buildings housing a total of 240 micro-units above neighborhood-serving retail as well as a dedicated on-site social and community center.

New housing stock affordable to the workforce will be delivered in the urban core, with a minimum of 51% of units to be rented to those earning a maximum of 80% of the FHFA area median income (AMI). The developer says the property will offer means-tested rent controls for workforce housing.

Construction financing will come from East West Bank and Washington Federal Bank. Permanent financing will come from a Freddie Mac Multifamily unfunded forward commitment, which includes a Preservation of Affordable Rents Covenant (PARC) agreement.

Forge Development is represented in its acquisition program as well as structuring its partnership agreements by JLL’s Scott Bales.

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