Builder Patrick Kennedy had landed a big construction loan for small pads in Central SoMa.
With half of the 11-story, 160-unit rental building at 1321 Mission St pre-leased to the California College of the Arts,Jones Lang LaSalle capital markets team has lined up a $50 million construction loan on the deal.
Washington Capital provided the first mortgage with TDA Capital Management providing the mezzanine financing. Managing Director John Manning and Senior Vice President Alex Witt led the JLL team on the transaction....More
The incredible, escalating prices for apartments in San Francisco, the South Bay and East Bay edged down or flattened in the final three months of 2013 – but don’t get too excited.
The slight slump is a typical seasonal slowdown. After a year of rocket-like gains, asking rents remain sky-high compared with just a year ago....More
My city, San Francisco, is in the midst of an affordability crisis. People here are angry and afraid. The skyrocketing cost of housing comes up in seemingly every conversation and dominates local news and local politics.
The recent piece on San Francisco’s housing crisis I wrote for The Atlantic Cities seemed to hit a nerve. But it was mostly devoted to describing how the city got to be a place with the highest housing costs in the country. Now, I want to turn to what we can actually do about it.
We face a complex problem. It has roots in income inequality, a national issue, as well as regional anti-growth attitudes that extend well beyond the city boundaries. But at the city level, there are a surprising number of things we can definitely do....More
We’ve talked a lot about the merits of the SRO (single room occupancy). Throughout the 20th Century, the once-common, small and spartan apartments provided affordable urban dwellings for people looking for basic living accommodations. Unfortunately, in the latter part of the century, they became synonymous with drugs and graft. As neighborhoods gentrified, the unseemly SROs were excised from most cityscapes. Their demise left a gap in urban dwelling typology: i.e. the affordable crash pad. A nearly complete project in New York City is bringing back the SRO, albeit from decidedly 21st century perspective....More
160 micro-units are officially under construction in Mid-Market now that the single-story furniture store at the corner of 9th and Mission streets has been cleared away. Dubbed Smartspace Mission, the building will strategically maneuver the 160 units into an 11-floor frame that will also include nearly 3,400 sq. ft. of ground floor retail and parking for 240 bicycles. A rooftop garden will satiSFy the open space requirements and a snazzy lobby is planned. The building will be constructed to energy-efficient standards using all Energy Star appliances, sustainable building materials, storm-water management systems, and low-flow plumbing fixtures. The building is expected ready for occupancy late next year....More