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SAN FRANCISCO-The developer of a 114-unit luxury Downtown condominium tower here is close to receiving funds from its recently closed $82.3-million construction loan.

The developer is Folsom Ventures LLC, a joint venture of Lennar Homes of California Inc. and an LLC controlled by John Malcom of Malcom Properties. The construction lender is Fremont Investment & Loan. The mortgage broker was Elizabeth Shepard of Chapman Shepard Group.

The 20-story building is slated for 631 Folsom St., which is located South of Market Street near the intersection of Folsom and 2nd streets. The building will have retail and a lobby on the first floor, 108 two-bedroom/two-bathroom units on floors two through 19 and, on the 20th floor, six two-story penthouse units. Site work began in October. Construction is slated to take 24 months.