TODAY’S DEALS: Grosvenor Closes $35.5M for Two San Francisco Developments
DM Development lands $35.5 million for two San Francisco projects; Greysteel closes a 104-unit sale in Maryland; and Equicap arranges a $8.5 million bridge loan to replace a construction loan for a condo conversion in New York.
815 Tennesse
San Francisco—Grosvenor Americas has provided DM Development with $35.5 million in financing for two residential developments in San Francisco. A project at 815 Tennessee Street will include 69 condos—59 market rate and 10 below market rate—that average 832 square feet in size. DM Development will also build 71 apartments at nearby 2290 3rd Street. Those units will average 679 square feet in size, and the community also includes 1,025 square feet of retail space.
Both projects will break ground at the end of the fourth quarter in 2015 with delivery dates in mid-2017. Both sites are located in the Dogpatch Neighborhood, and were acquired by DM Development in March (815 Tennesse St.) and Arpil (2290 3rd St.).
Greysteel closes Maryland apartment sale
Riverdale, Md.—The Greysteel Co. has brokered the sale of River Crossing, a 104-unit apartment community located at 5610 54th Avenue in Riverdale, Md. A private D.C.-area owner was the seller. The community is located in close proximity to the University of Maryland at College Park and the upcoming Purple Line Metro Station at the corner of East-West Highway and Kenilworth Avenue.
“The transformation that is currently underway for the area surrounding Riverdale Park is very exciting,” says John F. Mullen, director, Greysteel. “People aspire to live in a community where as many of their needs can be met as close to home as possible, and Riverdale Park is becoming one of those places.”
Mortgage Equicap arranges $8.5M bridge loan to replace construction loan for condo conversion
New York—Daniel Hilpert, managing director of Mortgage Equicap LLC, announced that the company has arranged an $8.5 million bridge loan for a mixed-use condo conversion in the TriBeCa neighborhood of New York.
The building will feature four loft condominiums as well as a ground floor retail condo. Equicap was able to arrange a bridge loan to replace the in-place construction loan. The new lender funded the entire loan amount at closing, providing the developer with more flexibility by avoiding monthly construction draws.
