SAN FRANCISCO—Partners Oyster Development Corp.and Tricon Capital have secured a $143.5 millionconstruction loan for the development of 1634-1690 PineStreet, which will be named Rockwell.National Real Estate Advisors provided thefinancing, with arrangements made by JLL.

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Managing director John Manning and senior vicepresident Alex Witt led the JLL team on thetransaction. The developers say the expanding technology-driveneconomy in the Bay Area, has residential development transitioningfrom rental product to luxury condominium development, and Rockwellis a response.

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“San Francisco's condominium market is among the top in thenation, making a major new project in an outstanding location withtop class experience sponsorship a natural for the city,” saidManning. “The project's luxury design, amenity package andproximity to retail will surely lure homebuyers.”

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Rockwell will consist of two 13-story towers,totaling 260 units. The development will alsoinclude one level of below-grade parking for 201cars and a 4,000-square-foot ground floor retailcomponent. Construction began inOctober and the first tower is expected to be completed byJuly 2016.

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“The shift to condominium development is evident; we're past thetipping point,” said Witt. Rockwell is the third condominiumdevelopment financing JLL has led in the past three years for theOyster/Tricon team. The project follows on the heels of twosuccessful condominium developments: the 98-unit Marlow developmentin nearby Nob Hill, which exceeded projectedpricing and absorption, and the 114-unit Vida inthe Mission District, which is currently exceedingprojected pricing and absorption.

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According to Dean Givas, president of OysterDevelopment, Rockwell is a unique opportunity to deliver top-shelfamenities to high-rise living in Pacific Heights, which hashistorically been extremely supply-constrained without any projectsof similar height and size for at least 10 years. Saleswill commence in April 2015.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.