Suburban San Francisco Community Refinances

Ravello Holdings completed work on the 128-unit luxury property in June. The new, $42 million financing package retires a nearly $30 million construction loan.
Metro 510

Ravello Holdings has taken a $42.2 million refinancing package for Metro 510, a 128-unit luxury community near San Francisco, according to Yardi Matrix. The Fannie Mae loan, originated by PGIM Real Estate Finance, retires $29.4 million in construction financing held by Preferred Bank.

Metro 510’s first phase opened in 2017 and the final phase finished construction in June. The community was 68 percent occupied as of September, per Yardi Matrix data.

Located at 510 El Cerrito Plaza in El Cerrito, Calif., the property’s two four-story buildings are situated within a mile of Interstate 80, approximately 12 miles northeast of downtown San Francisco. A BART station, a short walk away, links the asset to the wider metro area. A retail center, home to a mix of tenants including Trader Joe’s, Ross Dress for Less and a supermarket, is next door to the property.

Metro 510 contains studio and one- to three-bedroom units, with floor plans ranging from 640 to 1,446 square feet. Nineteen of the community’s apartments are designated as affordable. On-site amenities include a fitness center, a community room, a clubhouse and bicycle storage. The property provides residents with a number of green features, including composting and recycling programs and electric car charging stations.

In October, PGIM provided $300 million in refinancing for a 1,150-unit portfolio in San Francisco. A Newmark Knight Frank team assisted the borrower in securing the debt.

Image courtesy of Yardi Matrix