Ascentris and DM Development Secure Financing for 152-Unit San Francisco Multifamily Project

Construction is slated to commence in November on a significant multifamily development located at 321 Florida Street in San Francisco. This project, a collaboration between real-estate private equity firm Ascentris and DM Development, marks their first joint venture. The developers have successfully secured a $61.7 million construction loan from PNC Bank, ensuring the project's financial backing ahead of its anticipated groundbreaking.

The planned development will introduce 152 new apartments to the market, offering a diverse mix of studios, one-bedroom, and two-bedroom units. Notably, 15 of these units are designated as affordable housing, catering to very low-income to moderate-income households. This substantial unit count positions it as one of the largest residential projects to break ground in San Francisco in recent years.

Designed by Handel Architects, the building emphasizes an amenity-rich environment, featuring shared tenant spaces such as hot and cold plunges, coworking facilities, fitness centers, a rooftop terrace, and a residential theater. The exterior design incorporates patina metal cladding above board-formed concrete pilasters and floor-to-ceiling windows. The half-acre site, currently a surface parking lot between 16th and 17th Streets, is situated in a highly walkable area, close to Franklin Square and the Potrero Center shopping mall. This development will transform an underutilized parcel into much-needed housing in a prime urban location.