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8/05/15
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Capital One has provided a $35.1 mil loan to finance the construction of The Martin, a six-story, 92-unit apartment complex being developed by Raintree Partners in San Francisco’s up-and-coming Dogpatch neighborhood. The project is located across from San Francisco Port’s new Crane Cove Park.
Twelve of the units at The Martin will be designated as affordable. The building’s amenities will include a parking garage, fitness center, bike storage, and a rooftop lounge and dining area with unobstructed views of the bay. Select units will have private decks or patios.
The Dogpatch neighborhood in San Francisco’s South of Market District is rapidly gentrifying, with many former industrial sites converted into restaurants, retail shops, and offices. The Mariposa light rail stop adjacent to the property provides immediate access to the rest of the metropolitan area.
Kristen Croxton and Greg Reed, Senior Vice Presidents in Capital One’s Newport Beach office, originated the transaction. The three-year loan has three years of interest-only payments and the possibility of two one-year extensions. This is the first construction loan that has been originated by Capital One’s Newport Beach office.
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