JPMorganChase Commits $200M to Housing in San Francisco
JPMorganChase is following up its recent financing of the 105-unit Sophie Maxwell Building in the Power Station redevelopment within San Francisco’s Dogpatch neighborhood by providing nearly $200 million in financing for a new 342-unit residential building at Power Station. The financial services giant announced the commitment as part of its broader rollout of a planned $750-billion deployment to the housing sector within the next decade.
Additionally, JPMorganChase said it will make up to a $15-million equity investment in Fifth Space’s new “Essential Housing Fund” to build affordable housing units in San Francisco, including an expected 250 units in Potrero Hill. It’s also planning $6 million in new grants to the San Francisco Housing Accelerator Fund, Community Vision Capital & Consulting, San Francisco Bay Area Planning and Urban Research Association and The Housing Action Coalition and Housing California.
“JPMorganChase’s investment in housing reflects their commitment to San Francisco’s future, and these projects with hundreds of new homes show what we can do when the private sector and the city come together to tackle the issues that matter to families,” said San Francisco Mayor Daniel Lurie.
Rendering courtesy of Perkins&Will.
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