SF Development Bags $66M in Construction Financing
- May 31, 2017
The developers of The Rise Market Street, an apartment project at 1699 Market St. in San Francisco, have obtained $66.5 million in construction financing. The loan was provided by Square Mile Capital.
The developers are Rescore Property Corp., a private REIT based in Boca Raton, Fla., and its San Francisco-based local partner Presidio Development Partners LLC. The financing was arranged by Kevin O’Grady, Daniel Sheehan and Eric McGlynn, all managing directors in Walker & Dunlop’s Miami-based Capital Markets Group.
The nine-story, 160-unit project is in the Upper-Market/Hayes Valley neighborhood of San Francisco, a market that exhibits above-average employment rates, sustained rent growth and high occupancy. O’Grady calls it “a diversified and thriving neighborhood.”
Common amenities at The Rise Market Street will include a roof deck with barbeque area, community garden, club room and dog run. The property will also feature a fitness center and a chef’s kitchen with dining area.
The deal marks the third construction loan that Walker & Dunlop has executed for Rescore’s “Rise” product line. Earlier in May, for instance, the developer obtained a $100 million from the Bank of Ozarks to proceed with construction of its 386-unit apartment building also known as the Rise, which is in Hollywood, Calif.