August 7, 2019
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.
For comments, questions or concerns, please contact Dennis Kaiser