|
4/29/15
|
Grosvenor Americas has provided structured financing totaling $35.5 mil to DM Development for two residential projects in San Francisco. The projects are located at 815 Tennessee Street and 2290 3rd Street.
DM’s project at 815 Tennessee Street, consisting of 69 residential condominiums -- 59 market rate and 10 below market rate, will include one-, two- and three-bedroom homes with an average size of 832 sf. The property is immediately accessible to public transportation and will offer parking.
Nearby, the 71 apartments at 2290 3rd Street will include studio, one-, and two-bedrooms plus loft units with an average size of 679 sf. The property will include 1k sf of retail space.
Both projects will break ground at the end of Q4 2015 and deliver mid-2017.
“We have significantly expanded our Structured Development Financing program to an established and growing portfolio of leading developers in all of our key markets – which is proving to be an attractive alternative to traditional development loans,” said Mark Darley, senior vice president of Grosvenor Americas, who heads the program for Grosvenor’s San Francisco Bay Area and Los Angeles region. “Part of the program’s success is our ability to respond very quickly to a developer’s immediate needs.”
Located in the amenity-rich Dogpatch Neighborhood - awarded historic district designation in 2003 - 815 Tennessee Street and 2290 3rd Street were acquired in March and April respectively by DM Development. The firm’s residential projects currently under development include: 8 Octavia (47 units), 400 Grove (34 units), 450 Hayes (41 units), Parcel T (26 units) and 311 Grove (8 units).
|
|
Return to the Archive page
|
|
|
|
|