DM Development, Ascentris Close on 152-Unit 321 Florida in San Francisco’s Mission With $61.7MM PNC Construction Loan
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 42nd San Francisco story tracked on the wire in October 2026. All San Francisco coverage →
- Disclosed multifamily deal value tracked in October 2026: $2.2B across 31 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
The project, refined since its 2021 approval, will deliver 152 apartments, 15 of them affordable, in late 2028, as county rents climb 15.7 percent and new housing deliveries fall to their lowest level since 2013. The…
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