SAN FRANCISCO—L+M Development Partners has completed the second phase of Candlestick Heights, an 11-building, energy-efficient affordable-living development in the Bayview Hunters Point neighborhood here. The project, a former market-rate condo project that stalled in 2009 under the prior developer—has been transformed into a 196-unit rental property that brings high-quality affordable living options to the community. L+M expects to get temporary certificates of occupancy for the 130 new rental units in the second phase any day now.
The development features 20 one-bedroom units, 132 two-bedroom units, 18 three-bedroom units and 26 four-bedroom units for Bay Area families earning up to 60% of the area median income; a 1,100-square-foot community room; landscaped courtyards and play areas; on-site garage parking; views of San Francisco Bay; and walking proximity to Candlestick Park and the emerging Third St. corridor and rail line.
L+M has partnered with Bayview Hunters Point Multipurpose Senior Services, a local nonprofit that has been rooted in the community for more than 40 years, to offer free after-school programming for resident families. The developer is also working to link Candlestick Heights tenants with a wide array of social services, such as financial literacy courses and job-training resources. This is the New York-based L+M’s first venture in California.
Total anticipated construction costs were not available prior to deadline.
The San Francisco multifamily market is still hot. As GlobeSt.com reported earlier this week, NorthMarq Capital’s San Francisco-based regional office has completed the $173-million senior debt refinancing for Park Place Apartments and Mountain View City Center, two adjacent downtown properties located at 851 Church St. and 650 Castro St. in Mountain View, respectively. The transaction was arranged by Jeff Weidell, president, Nate Prouty, senior director and Andrew Slaton, vice president.