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Comstock Realty Partners and Dune Real Estate Partners Lock Up $52 Mil in Construction Money for San Francisco Redevelopment Project

4/09/21

A joint venture between affiliates of Comstock Realty Partners and Dune Real Estate Partners have obtained $52 mil in construction financing for The Maclac Building, a five-story, 108k sf PDR-zoned redevelopment project in San Francisco.

The property spans five interconnected buildings over two parcels and half of a city block, located at 192-198 Utah St and 151-191 Potrero Ave, in the city’s SOMA Potrero District. Work commenced in May 2020 and is being delivered in phases, with

The sponsor’s plan is to reconfigure, upgrade, and expand the current structures with 4,000 amps of power, updated building systems, green roof terraces, and a multi-story glass atrium lobby tying the building floorplates together. The plan calls for a new four-story structure at Potrero and 15th and preserves the A-frame jewel-box of brick, timber and steel at the corner of Utah and 15th.

The property features spectacular views of downtown San Francisco and maintains many historical features. Ultimately, the sponsor plans to deliver a state-of-the-art Class A PDR building in one of the most sought-after neighborhoods in San Francisco.

Some of the strongest attributes of the property are its location and visibility. Because the prominent 80-foot-tall structure is situated at the connection of the Bay Bridge and 101 Freeway connector, the building is expected to provide excellent signage and visibility to travelers going to and from the East Bay, the Peninsula, and Marin County.

The property is situated within the heart of the “social-media triangle” and located at the intersection of Showplace Square, SoMa, Mission District and Potrero Hill, which serves as the epicenter of innovation in the fields of technology, PDR, and life sciences. These submarkets are among the top destination for technology tenants in the city.

Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance arranged the five-year floating-rate financing on behalf of the borrower. The full-term interest-only loan is priced competitively over 30-day Libor.





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