A new affordable housing complex with on-site support services for families transitioning from homelessness opened Wednesday in San Francisco's South of Market neighborhood.

The City Gardens complex at 333 12th St. adds 200 units to the city's inventory of permanent supportive housing. This is housing that includes long-term rental assistance and supportive services ranging from education and job training to health care. The new complex will increase the number of such residential units for families in the city by more than 20 percent.

The building and its services will be funded with $100 million from the city's Our City, Our Home Fund, a tax on businesses that generate gross receipts of more than $50 million. It was approved by voters as Proposition C in 2018.

City Gardens apartment complex at 333 12th St. in San Francisco.

City of San Francisco

The project was supported by an additional $56.7 million from the state's Homekey program, which funds a variety of permanent housing options as part of addressing a housing crisis declared in 2019. The city funded with Homekey funds.

“The City's investments in shelter, housing and prevention across our system make a difference for people and our neighborhoods every day, and we will continue to work to bring stability and hope to those most in need,” said San Francisco Mayor, London Breed, in a statement statement.

San Francisco Administrator Matt Dorsey said the project will provide families exiting homelessness a place to call home.

“The opening of City Gardens provides safe housing for San Francisco families at a time when it is desperately needed. It’s more than just a building, it’s a sign of our commitment to helping our most vulnerable neighbors,” Dorsey said.

On-site social services, including case management and mental health counseling, are provided by the nonprofit organization Abode Services. Other building amenities include common areas, resident lounges on each floor, a rooftop terrace, offices and a bicycle repair shop.

“City Gardens is a wonderful family project that we are happy to be a part of,” said Louis Chicoine, CEO of Abode Services. “We are grateful to have been commissioned by the City and County of San Francisco to operate such a beautiful and meaningful building where many San Franciscans live today.”

Under Proposition C, the city imposed a tax on annual gross receipts of businesses over $50 million to fund supportive housing and other solutions to the city's homelessness crisis. Legal challenges delayed the implementation of funds for city projects until the 2020-21 fiscal year.

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CHICAGO, IL – JLL Capital Markets announced today that it has arranged the $ 104 million refinancing of City Gardens, a recently developed apartment building in San Francisco, California.

JLL worked on behalf of borrower Panoramic Interests to secure the three-year floating rate loan through Ready Capital.

City Gardens consists of 200 micro-units with two, four and five bedrooms, which are characterized by strategic and efficient design. The property is a total of 152,445 square feet with fully furnished bedrooms and living areas, large windows with great views of the city, 9 ‘ceilings, and has been sustainably built; This includes highly efficient lighting and plumbing, laminated, heat-resistant glass and ventilation with energy recovery.

City Gardens is located at 333 12th St. in the Western Mission / SOMA neighborhood, close to many shopping and grocery stores including Costco and Trader Joe’s, as well as a variety of restaurants, bars and cafes. Additionally, the property is located between two emerging areas including Hayes Valley; a revitalized neighborhood filled with high-end boutiques, lively restaurants, and watering holes; and the design district; Here you will find renowned designer and furnishing showrooms.

The JLL Capital Markets team representing the borrower was led by Charles Halladay, Senior Managing Director, and Managing Directors Alex Witt and Jordan Angel, Associate Jonah Aelyon and Lauren Mezzanotte, Analyst.

Patrick Kennedy, CEO of Panoramic Interests, said, “Alex Witt, Jordan Angel and the JLL team did an excellent job in a challenging market. We were grateful to have them on our team.”

“Panoramic Interests has built an exceptional, high-density apartment building that is uniquely positioned to meet tenant demand in San Francisco,” said Angel. “The JLL Capital Markets team in San Francisco is fortunate to work with the Panoramic Interests team to secure a refinancing with Ready Capital and facilitate the rental of City Gardens. This was a great loan deal with a top notch developer and lender. “

The post JLL Capital Markets Arranges $104 Million Refinance Mortgage for Newly Developed 200-Unit Metropolis Gardens Residences in San Francisco appeared first on Los Gatos News And Events.