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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

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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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