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Tuesday, 16 July 2019

Barings Provides $76.8Mln of Construction Financing for San Francisco Condo Project

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Barings LLC has provided $76.8 million of construction financing for the development of a 109-unit residential condominium project at 1554 Market St. in San Francisco.

Z&L Properties Inc., a Chinese developer, borrowed the floating-rate loan, which has a five-year term and was arranged by JLL.

The developer acquired the project's development site four years ago for $23 million. Plans for the project, near the intersection of Market Street and Van Ness Avenue, call for a pair of 12-story buildings that are connected by a skybridge and share a courtyard. It also will have 5,010 square feet of ground-floor retail space.

Construction is expected to start later this year, with completion slated for 2021.

The project is a transit-oriented development in San Francisco's Mid-Market district, within eight blocks of more than 400 restaurants and bars.

Z&L, with offices in Foster City, Calif., is no stranger to condo developments in San Francisco. Its other properties include the 139-unit 555 Fulton St. in the city's Hayes Valley district, a 39-unit property at 119 7th St. in the SoMa neighborhood and a 118-unit property at 325 Fremont St., also in SoMa.

Comments? E-mail Jim Boyle, or call him at (267) 247-0114.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: San Francisco
  • States: California
  • Sector: Multifamily
  • Subject: Development/Construction (DEV), Mortgages/Financing (MOR)
  • Valuation: Between $50 million and $100 million
  • Private: No
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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