HFF provided $25 million in acquisition financing for a 109-unit, three-building multifamily complex at 1320-1360 Lombard St., and a $4.6-million acquisition loan for 1520 Gough St., a 39-unit apartment building.
HFF director Mitch Paskover sourced the loans through US Bancorp, for which HFF is a correspondent in Northern and Southern California. Paskover tells GlobeSt.com the loans each included a mezzanine piece on top of the A piece. The loans had a blended rate of around 6%, says Paskover.
Situated on two separate lots in the Russian Hill section of the city, the Lombard Street property has views of the Golden Gate Bridge and Alcatraz Island. The property has seen about $10-million worth of renovation work over the past five years, including new roofs, new windows and individual unit upgrades. It is 96% occupied.
The 1520 Gough St. property is a seven-story building. Amenities include parking for five vehicles and a common laundry room. The property is located at the intersection of Bush and Gough Streets, in the Pacific Heights neighborhood of San Francisco. The property is about 97% occupied.
Paskover also recently sourced through US Bancorp a $56-million non-recourse refinancing for a portfolio of other Lembi-owned apartment buildings in town. The loan-to-value on that transaction was 89% and interest rate was slightly under 6%.
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