SAN FRANCISCO-A development group has landed about $88 million in construction financing for a 300-plus-unit condominium project at 555 Fourth St. in the South of Market neighborhood. Managed by local developer Joe Cassidy, 555 Fourth Street Associates LLC has been in the ground for about a month or so; the construction financing will allow the estimated $118-million project to go vertical.The project will consist of at least 300 residential condominium units. The project will also contain a 301-car parking garage and 4,550 sf of street-level retail space. In conjunction with the project, 56 below market rate rental units are being developed on a separate site.The financing is being provided by Chicago-based Corus Bank. The three-year loan floats above Libor by about 350 points, according to sources familiar with the financing.Corus Bank SVP Brian Brodeur says the deal was structured without having approved the final plans for the project in order to facilitate the borrower’s development time frame. This deal was also unique to Corus in that some loan proceeds were being used to build off-site affordable housing. “His timing is perfect,” Brodeur tells GlobeSt.com. “Other projects under construction are either sold out or are selling out, there’s nothing new that’s been launched and he’s ahead of new stuff that’s recently been announced.”The project is just the sixth project Corus has financed in San Francisco, but three have occurred this year. “We love it because even though you can’t get presales, it’s very constrained; there’s such a demand for housing,” says Brodeur.

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