Ascentris and DM Development Secured $61.7M Loan
The partners will develop 152 multifamily units in the Mission District, marking new activity for the city.
Updated on Sept. 21, 2026 in Construction
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Ascentris and DM Development have closed a $61.7 million construction loan from PNC Bank for a 152-unit project at 321 Florida Street. This nine-story development represents a significant addition to the Mission District's multifamily inventory.
Why it matters
The financing signals a restart for larger-scale residential development in the city after a prolonged period of inactivity. This project offers a benchmark for developers gauging the feasibility of Type I concrete construction in the current capital environment.
The development team secured a $61.7 million loan for 152 total residences. The nine-story structure includes 15 affordable homes, 39 parking spaces, and 10,000 square feet of amenity space.
The players
Ascentris
A real estate private equity firm that manages institutional capital across diversified property portfolios.
DM Development
A developer specializing in urban infill projects and residential property management.
PNC Bank
A national financial services institution providing commercial real estate lending and construction financing.
The details
The project uses a Type I concrete design to maximize density on the Mission District site. The development incorporates 10,000 square feet of indoor-outdoor rooftop amenities intended to offer views of the San Francisco Bay. PNC Bank provided the construction financing to facilitate the multi-year build schedule.
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 development marks a departure from the 2023 market climate where no market-rate buildings larger than 28 units initiated construction. The project effectively reopens the pipeline for large-scale multifamily inventory in San Francisco.
Operators should monitor this project's groundbreaking to gauge local labor and material costs for future large-scale concrete builds. The successful financing suggests lenders are becoming more active on substantial multifamily deals in the Mission District.
The takeaway
This development indicates a shifting appetite for large-scale residential risk in the current financing market. Owners should track the 2028 completion timeline to assess how these new units impact local supply and competitive rental pricing in the Mission District.
Further reading
For broader trends affecting residential project viability, visit the Construction section.
Source note: This article includes information reported by Institutional Real Estate, Inc..
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