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JPMorganChase commits nearly $200M for 342 homes at San Francisco site
The bank also plans up to a $15 million equity investment in an affordable housing fund and $6 million in grants tied to San Francisco housing programs.
JPMorganChase is providing nearly $200 million in financing for a new 342 unit residential building at Power Station in San Francisco’s Dogpatch neighborhood, as part of the Power Station redevelopment, according to ConnectCRE.
The commitment follows the firm’s earlier financing of the 105 unit Sophie Maxwell Building in the same redevelopment area.
ConnectCRE reports that JPMorganChase also said it will make up to a $15 million equity investment in Fifth Space’s new Essential Housing Fund, targeting affordable housing units in San Francisco, including an expected 250 units in Potrero Hill.
In addition, JPMorganChase plans $6 million in new grants to multiple local housing and planning organizations, and framed the effort as part of a planned $750 billion deployment to the housing sector over the next decade.