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10/05/15
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Square Mile Capital Management LLC has originated a $12.5 mil mezz loan for The Panoramic, a newly-built, 160-unit apartment building located in San Francisco. The 11-story project was completed by Panoramic Interests LLC in August 2015, and is fully leased to the California College of the Arts and the San Francisco Conservatory of Music.
Located on a 9.2k sf lot at 1321 Mission St, in the heart of the city’s SoMa District, the car-free, micro-apartment project consists of 120 studios and 40 suites. It features a rooftop garden, public lounges on every floor, and a lively ground floor cafe/lobby.
The Panoramic boasts affordable apartments with full kitchens and stainless steel appliances, built-in furnishings, bay windows and window seats, built-in storage and engineered soundproofing. Amenities include a panoramic rooftop deck, public lounges on every floor, a ground floor café, bike storage for residents, and on-site shared car and bike services.
The $12.5 mil loan provided to the ownership is part of a larger $65 mil loan facility, with UBS Real Estate Securities Inc originating the senior portion of the loan.
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