SAN FRANCISCO—A $12.5 million mezzanine loan for the newly builtPanoramic, a 160-unit multi-family and mixed-usebuilding located at 1321 Mission St. has been secured. The loan wasoriginated by Square Mile Capital Management LLC.The $12.5 million loan provided to the ownership is part of alarger $65 million loan facility, with UBS Real EstateSecurities Inc. originating the senior portion of theloan.
Brad Cohen, Square Mile managing director,tells GlobeSt.com: "San Francisco needs projects like this one tohelp address its critical affordable housing shortage. We werepleased to provide capital to make this viable."
The Panoramic is near Twitter's headquarters,two blocks from the Civic Center BART station and one-half blockfrom Market on Market, a 22,000-square-foot markethall. The property was completed by Panoramic InterestsLLC in August 2015 and is fully leased to theCalifornia College of the Arts and the SanFrancisco Conservatory of Music. It was featured on theULI Fall Meeting tour this week.
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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.
