ElevenEleven
Case Study: Affordable Housing

Property Info
Property Objectives
Martin Building Company, a San Francisco-based design and development firm, sought to create a new mixed-use residential development in San Francisco’s Lower Nob Hill neighborhood.
Berkadia Solution
Berkadia, in partnership with HUD, provided $142 million of construction-permanent financing through the HUD 221(d)(4) program. Berkadia’s Affordable Housing team, alongside the FHA/HUD team, partnered with Martin Building Company and HUD to navigate the very complex underwriting and closing landscape to make this project a reality. By bifurcating the project into two separate entities, the project qualifies for various tax credits and state and federal funds.
Client Results
ElevenEleven will feature 303 units, including 101 deeply affordable units and a 4,000-square-foot childcare center. The site currently houses two structures: a former auto repair shop with a public garage at 1101 Sutter Street and a dilapidated two-story building at 1111 Sutter Street. The three-level concrete auto-repair building at the corner of Sutter Street and Larkin Street will be rehabilitated and maintained as a public parking garage. On the west side, the aging structure will be demolished to make way for a new 22-story high-rise tower to house the new residential units.
The 22-story, 235-foot tower will offer contemporary rental apartments above a vibrant mix of street-level amenities, including the main resident lobby and lounge, well-appointed common spaces, retail, and a childcare center.
Mortgage Banking
Berkadia Affordable Housing
Partnering with Berkadia Affordable Housing comes with our promise to provide clear and steady guidance from start to finish. Whether you’re looking to preserve and enhance existing affordable homes or create beautiful new properties, we look forward to partnering with you on this vital mission.
Learn more about Berkadia Affordable Housing.
Client Stories
RESEARCH, INSIGHTS AND NEWS
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