By Natalie Dolce
October 25, 2023 at 03:40 PM

Tidewater has tremendous confidence in the long-term prospects of the Bay Area.

SAN FRANCISCO—Tidewater Capital, a San Francisco-based real estate investor and developer focused on the Bay Area, has exceeded its initial target of $200 million in equity commitments for its third discretionary fund with a diverse pool of limited partners, including university endowments, charitable foundations, and family offices, participating in a vehicle with a $250 million cap.

“We have tremendous confidence in the long-term prospects of the Bay Area,” said Tidewater Managing Principal Craig Young. “While capital markets broadly have been deeply challenging, both our returning and our new investment partners have placed a great deal of confidence in our ability to navigate a rapidly evolving market to capitalize on a Bay Area rebound.”

Tidewater will pursue investments across multiple property types and the firm will execute renovation and repositioning business plans, as well as select entitlement and ground-up development opportunities.

“With TC Fund III, we look forward to continuing to invest in our core product types of residential, industrial, and office, while also exploring select opportunities across niche asset classes as we’ve done historically,” said Tidewater Principal Ross Stackhouse, in a prepared release. “We will target value-add returns while exploring core plus opportunities with unique avenues to upside and select development opportunities with strong downside protection.”

Tidewater’s previous investment vehicles have capitalized an array of projects across the Bay Area, including in San Francisco, the East Bay, and the North Bay. Notable prior investments include 1028 Market Street, a 193-unit mixed-use apartment building in the Mid-Market neighborhood of San Francisco which began its life as an innovative Food Hall; and 888 Post Street, a 30,000 square foot commercial asset which Tidewater converted to a Navigation Center for Transitional-Aged Youth experiencing homelessness. Tidewater’s most recent fund also acquired Eastmont Town Center at 7200 Bancroft Avenue in Oakland, a 540,000-square-foot commercial asset housing an assortment of government and healthcare related tenants.

The post San Francisco Agency Surpasses Capital Elevate for $200M Fund, Targets Worth-Add Returns appeared first on DAILY SAN FRANCISCO BAY NEWS.

SAN FRANCISCO (AP) — The Biden administration will issue $200 million in grants to modernize the country’s ferry systems, officials announced Thursday.

The grant program will focus on expanding ferry service in rural communities, helping them acquire modern ferries, including electric boats, and upgrading shore infrastructure to support low-emission ferry service, officials said.

Twelve ferry operators in the territory of American Somoa and the states of California, Washington, Alaska, Maine, Michigan, New Jersey, New York and North Carolina will receive grants, said Nuria Fernandez, administrator of the Federal Transit Administration.

“The grants help transit agencies make investments to increase reliability, improve connections to other modes of transportation, and bring older ferry systems into a state of good repair,” she said during a news conference at San Francisco’s Ferry Building.

The San Francisco Bay Area Water Emergency Transportation Authority will receive nearly $16 million to retrofit two of their existing ferry floats in the cities of Alameda and San Francisco. The New York City Department of Transportation will receive nearly $7.5 million to build shoreside terminal infrastructure to enable rapid charging for vessels serving Governors Island, which is only accessible by ferry. The new charging system will reduce emissions, decrease maintenance costs and improve reliability for riders, officials said.

Follow @ktar923

The post Ferry operators across the nation to obtain $200M in federal grants to modernize fleets appeared first on DAILY SAN FRANCISCO BAY NEWS.