New Urban Properties acquired the building in 2001. Theconversion lender was the National Electrical Benefit Fund, apension fund created by the International Brotherhood of ElectricalWorkers and the National Electrical Contractors Association. TheNEBF Real Estate financing included $49.5 million of constructiondebt and a $10-million mezzanine loan.

"A building like this, with so much character and history behindit, deserves renewed use," says New Urban chief executive TomOwens. "There hasn't been residential living in this area since the1906 earthquake and fire destroyed much of the city."

The financing was arranged by Buchanan Street Partners."Converting a class 'B' historic building to residential condos insuch a great location is a very smart move," says Buchanan StreetVP John Manning. "Securing the funding had its challenges given thecomplexity of the deal and the changing construction costs, butNEBF came through in the end."