Golub, Mercy Housing Win Transbay Project
- Dec 01, 2011
An important Bay Area contract has gone to the joint venture created by Golub & Co. and Mercy Housing. The sale of the property, for construction of a Folsom Street housing complex in the Transbay District, will generate as much as $30 million for the San Francisco Redevelopment Agency, what the Business Times termed “badly needed funds” for the ongoing Transbay Terminal project. The 557 proposed units will include 407 units of market-rate apartments and 150 of affordable housing, which will be developed by Mercy Housing.
The housing development, for which four different ventures had submitted proposals, will take place on on Blocks 6 and 7, between Beale and Fremont streets. The lot has been open ever since the Embarcadero Freeway was demolished. Golub is an international real estate company that specializes in both investment and development across the United States as well as Europe. Mercy Housing operates in 43 states through its three subsidiaries: Mercy Housing Management Group, Mercy Loan Fund – deals with financing to local nonprofit organizations in order to stimulate non-profit development – and the Mercy Portfolio Service.
Rental housing is much needed in the city, which has seen such a shift in preference that only 20 new condos were added to the market during the third quarter of 2011, according to research firm Mark Co., a drop of 29 percent from the third quarter of 2010, the Business Times reported.