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The HIT is providing $32.5 million in financing for the Arc Light Co. Residences project in San Francisco’s South Beach neighborhood. The $48 million project involves the conversion of a historic commercial building built in 1988 into a new multifamily development. The project combines the existing brick structure on the site with a new five-story concrete building offering 94 housing units, 20% of which will be reserved for lower-income households. There will also be an underground parking facility, more than 4,400 square feet of retail space and a children’s day care center.

With its many green features, Arc Light is expected to become San Francisco’s first LEED Gold-Certified residential project.

Work on the project is expected to generate approximately 275 jobs for members of the local building and construction trades unions.

Location:

San Francisco, CA

HIT Investment:

$32.5 Million

Total Development Cost:

$48.0 Million

Units:

94

Affordable Units:

19

Union Jobs Created:

approximately 275

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Groundbreaking