SF Affordable Property Lands Refi

The new loan, provided by JPMorgan Chase, pays down $11.3 million in construction financing provided by the city in 2001.
SoMa Studios

Tenderloin Neighborhood Development Corp. has refinanced SoMa Studios, a fully affordable 162-unit community in San Francisco. The new mortgage, provided by JPMorgan Chase, retires an $11.3 million construction loan held by the City and County of San Francisco in 2001, according to Yardi Matrix.

The owner built the asset between 2001 and 2003, utilizing low-income housing tax credits to cover the development’s estimated $37 million price tag. The demand for affordable housing in San Francisco remains high, with renters moving further out into the Bay Area citing affordability concerns.

Located at 1166 Howard St. in the Eastern San Francisco submarket, the property’s three connected buildings rise five stories between South Van Ness Avenue and Interstate 80. Multiple bus routes operate within two blocks of the community, providing access throughout the city.

The property contains a mix of studio, one-, two- and three-bedroom apartments, with floorplans ranging from 380 to 822 square feet, per Yardi Matrix data. On-site amenities include a clubhouse and a laundry facility. A Harvest Urban Market, a child-care center and a martial arts studio occupy the asset’s 22,000 square feet of street-level retail space.

Image courtesy of Yardi Matrix