Dogpatch Development Lands $35.1M Loan
- Aug 04, 2015
San Francisco—Capital One announced today that it has provided Raintree Partners with a $35.1 million loan for the construction of The Martin, a six-story, 92-unit apartment development being built in San Francisco’s up-and-coming Dogpatch neighborhood.
The deal was the first construction loan originated in Capital One’s Newport Beach office. Kristen Croxton and Greg Reed, senior vice presidents, originated the transaction.
The new community with rise across from San Francisco Port’s new Crane Cove Park. Twelve of the 92 units are designated as affordable. Amenities will include a parking garage, fitness center, bike storage and a rooftop lounge and dining area with unobstructed bay views.
Located in San Francisco’s SoMa district, the Dogpatch neighborhood is rapidly gentrifying, with many former industrial sites converted into restaurants, shops and offices. The Mariposa light rail stop is adjacent to the site.
The three-year loan has three years of interest-only payments and the possibility of two one-year extensions.