SAN FRANCISCO—As has been widely reported, the San Francisco market has consistently above-average employment rates, sustained rent growth and high occupancy. In order to assuage some of that demand, new development along Market Street continues to capture construction funding and provide high-end living choices for renters.
Rise Market Street, a luxury apartment project located at 1699 Market St., is being developed by Rescore Property Corp., a private real estate investment trust based in Boca Raton, FL, alongside San Francisco-based local partner Presidio Development Partners LLC. A $66.5 million loan for construction financing recently was provided by Square Mile Capital.
Walker & Dunlop Inc. arranged the financing for the apartment project. The capital markets group was comprised of Kevin O'Grady, Daniel Sheehan and Eric McGlynn, all managing directors in the company's Miami office.
“The thing that makes this transaction unique is from a finance perspective the property is being developed under a long-term ground lease and that the developer was able to capture a very good site by doing something no one else had been able to do with the site before,” O'Grady tells GlobeSt.com. “Also, a ground lease is harder to finance as it will automatically remove a lot of insurance companies and other lenders.”
The nine-story 160-unit project benefits from its location in the quickly developing Upper Market/Hayes Valley neighborhood. Rise Market Street appeals to the high-end renter who seeks access to urban amenities and is near major employment centers, lucrative technology jobs, mass transit, and entertainment and retail destinations.
“This marks the third construction loan our team has executed for Rescore's 'Rise' product line,” O'Grady commented. “The project, being located in a diversified and thriving neighborhood of San Francisco, is a great step for cutting-edge apartment developer, Rescore.”
The project will feature 8-foot 8-inch ceilings, wood flooring, stainless steel appliances, quartz countertops, balconies and walk-in closets. Amenities will include a roof deck with barbecue area, community garden, club room and dog run. Additional features include a fitness center and a chef's kitchen with dining area.
SAN FRANCISCO—As has been widely reported, the San Francisco market has consistently above-average employment rates, sustained rent growth and high occupancy. In order to assuage some of that demand, new development along Market Street continues to capture construction funding and provide high-end living choices for renters.
Rise Market Street, a luxury apartment project located at 1699 Market St., is being developed by Rescore Property Corp., a private real estate investment trust based in Boca Raton, FL, alongside San Francisco-based local partner Presidio Development Partners LLC. A $66.5 million loan for construction financing recently was provided by Square Mile Capital.
Walker & Dunlop Inc. arranged the financing for the apartment project. The capital markets group was comprised of Kevin O'Grady, Daniel Sheehan and Eric McGlynn, all managing directors in the company's Miami office.
“The thing that makes this transaction unique is from a finance perspective the property is being developed under a long-term ground lease and that the developer was able to capture a very good site by doing something no one else had been able to do with the site before,” O'Grady tells GlobeSt.com. “Also, a ground lease is harder to finance as it will automatically remove a lot of insurance companies and other lenders.”
The nine-story 160-unit project benefits from its location in the quickly developing Upper Market/Hayes Valley neighborhood. Rise Market Street appeals to the high-end renter who seeks access to urban amenities and is near major employment centers, lucrative technology jobs, mass transit, and entertainment and retail destinations.
“This marks the third construction loan our team has executed for Rescore's 'Rise' product line,” O'Grady commented. “The project, being located in a diversified and thriving neighborhood of San Francisco, is a great step for cutting-edge apartment developer, Rescore.”
The project will feature 8-foot 8-inch ceilings, wood flooring, stainless steel appliances, quartz countertops, balconies and walk-in closets. Amenities will include a roof deck with barbecue area, community garden, club room and dog run. Additional features include a fitness center and a chef's kitchen with dining area.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
