Firm Touts Frisco AH Funding

Related Capital Co. of New York has announced that, together with San Francisco-based Bridge Housing Corp., it is providing $48 million in equity financing for the development of a $102 million mixed-use affordable housing complex in San Francisco.Bank of America is the main investor in the transaction, with a $34.5 million contribution. Besides Bridge, the area's largest affordable housing nonprofit, other partners include the Department of Housing and Urban Development (whose Hope IV program-related grant "served as the initial catalyst"), the San Francisco Housing Authority, and the city of San Francisco. The North Beach Place, which is believed to be the largest urban revitalization complex of its kind, is a 341-housing-unit development at a prime location next to the Fisherman's Wharf tourist area and the San Francisco financial district. It will double the number of affordable housing units at this site, at "about half the price of area market rate units."