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11/13/14
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Oyster Development Corp and Tricon Capital have obtained $143.5 mil in construction financing for Rockwell, a luxury condo development located at 1634-1690 Pine St in San Francisco’s upscale Pacific Heights neighborhood. The loan was provided by National Real Estate Advisors.
The 260-unit Rockwell project will consist of two 13-story towers along with one level of below-grade parking for 201 cars and a 4k sf ground-floor retail component. Construction was started in October with the first tower expected to be completed in July 2016.
According to Dean Givas, President of Oyster Development, Rockwell is a unique opportunity to deliver amenitized high-rise living to Pacific Heights, which has historically been extremely supply-constrained without any projects of similar height and size in the at least the past 10 years. Sales will commence in April 2015.
Managing Director John Manning and Senior Vice President Alex Witt of JLL arranged the financing.
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