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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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Dan Moynihan

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