San Francisco Condo Project Lands $99M Loan
Stockbridge Capital Group and Wilson Meany will use the financing to develop the 262-unit Yerba Buena Island community within Treasure Island, a multi-billion neighborhood taking shape on a 393-acre manmade island.
A $99 million secured construction loan has been provided to Stockbridge Capital Group and Wilson Meany to develop a condominium community on Yerba Buena Island in San Francisco, Calif. Cottonwood Group and Pacific Western Bank were co-lead and co-administrator on the loan for construction of the mid-rise, 124-unit for-sale housing.
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Stockbridge and Wilson Meany broke ground last week on the condominiums, which represent the initial phase of the three-phase Yerba Buena Island development. When complete, the community will feature 262 residences on 72 acres of land. Also featured will be a hilltop park with an integrated trail network offering panoramic views of the Bay Bridge and downtown San Francisco. Amenities will include a full fitness center and lap pool.
Yerba Buena Island is part of the larger Treasure Island redevelopment, which will create an entirely new San Francisco neighborhood offering an outdoor-oriented lifestyle and quick, convenient access to San Francisco and the remainder of the Bay Area. The Treasure Island redevelopment is approved for as many as 8,000 homes, with about 25 percent of them designated affordable. Included will be 140,000 square feet of commercial and retail space, 100,000 square feet of office space and up to 500 hotel rooms.
A major component of the new neighborhood will be the incorporation of parkland and green space. The variety of urban public spaces are designed to be integrated into the new development. More than 300 acres will be set aside for parkland, wetlands, native habitat, trails and recreational areas. These public spaces are intended to give residents and visitors access to diverse aspects of the Bay Area’s ecology. Another aspect of the development will be its emphasis on sustainable transportation. Parking policies and mandated household transit passes are intended to spur the use of public transit.