SAN FRANCISCO-On behalf of an institutional investor, Jones Lang LaSalle's Capital Markets has secured $52 million in senior financing for SoMa at 788. The 157,853-square-foot mixed-use property featuring 160 class A apartments in San Francisco's South of Market neighborhood.

Executive vice president Keith Largay, managing directors David Hendrickson and John Manning, and SVP Alex Witt led the JLL team on the transaction.

“There was a high level of interest in this property from lenders,” Manning said. “With its great location, the presence of Whole Foods as a ground-floor tenant and San Francisco's thriving apartment market, this property has a tremendous amount going for it and is in a position to perform very well for years and years to come.”

Prudential provided the senior level financing.

“The San Francisco multifamily market, which has been so strong in recent years, is set to continue to excel, achieving strong rent growth and absorption, driven by impressive economic and job growth within the Bay Area,” added Largay.

The property was acquired in January 2013 and re-named SoMa at 788. It features studios, one- and two-bedroom apartments, with an average unit size of about 787 square feet. Whole Foods Markets occupies 32,000 square feet on the ground floor of the property, providing a unique amenity for the community's residences.

Amenities for residents include high-quality finishes, complete appliance packages in kitchens, double-pane windows, walk-in closets, controlled-access entry, state-of-the-art fitness center, dry sauna and multiple business centers.

The San Francisco apartment market is one of the strongest in the country, with an overall occupancy rate of 97.1% in the third quarter. Over the past 10 years, San Francisco's average occupancy rate has topped 95%, and the market has experienced an average annual rent increase of 3.1% in that time, figures topped only by New York. Forecasts indicate San Francisco will outperform its historical averages in the near future.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's Capital Markets team comprises more than 1,300 specialists, operating all over the globe.