Developers Secured Loan for San Francisco Project
Ascentris and DM Development finalized financing for a 152-unit building in the city's Mission District.
Updated on Sept. 21, 2026 in Construction
Live Poll
Do you support the construction of new high-density apartment buildings in your local community?
Ascentris and DM Development have closed on a $61.7 million construction loan for a new multifamily project dubbed 321 Florida. The nine-story development will be located in San Francisco’s Mission District.
Why it matters
The development represents a significant addition to the local housing stock in a neighborhood that has seen little major construction in recent years. This project aims to address demand by providing both market-rate and affordable housing options.
The development will feature 152 total residences, including 15 designated as affordable homes. The plans also include 39 covered parking spaces and 10,000 square feet of amenity space.
The players
Ascentris
Ascentris is a real estate investment management company that partners with developers to finance and build residential projects.
DM Development
DM Development is a San Francisco-based real estate development firm specializing in residential and mixed-use projects.
PNC Bank
PNC Bank is a national financial services institution that provides commercial construction lending for real estate developments.
The details
Designed as a Type I concrete building, 321 Florida stands nine stories tall and will provide residents with substantial indoor-outdoor amenity space. The project is situated at 321 Florida Street, offering features such as views of the San Francisco Bay.
Timeline
The transaction closed in September 2026.
Construction is expected to commence in November 2026.
Project completion is anticipated in late 2028.
Market Landscape
This project marks a departure from the 2023 stall in San Francisco market-rate building starts that has characterized the city's construction sector. The development underscores a continued focus on large-scale multifamily density in urban infill locations.
Residents in the Mission District can expect significant construction activity to begin at the site starting in late 2026. This development will eventually introduce 152 new housing units to the area, including a set of affordable options for local applicants.
The takeaway
The successful closure of this financing indicates that large-scale multifamily projects remain viable in San Francisco despite recent industry headwinds. Prospective renters should keep an eye on project timelines as construction milestones are met over the next two years.
Further reading
For more information on ongoing urban development projects, visit San Francisco Construction.
Source note: This article includes information reported by Institutional Real Estate, Inc..
Live Poll
Do you support the construction of new high-density apartment buildings in your local community?
