Done Deals: JLL arranges $76.8 million financing for development of 1554 Market Street in San Francisco, CA

Sunday, July 28, 2019

JLL arranges $76.8 million financing for development of 1554 Market Street in San Francisco, CA

1554 Market Street, a 109-unit condominium project
located in downtown San Francisco.

SAN FRANCISCO, CA – JLL announces that it has arranged $76.8 million in financing for the development of 1554 Market Street, a 109-unit condominium project located in downtown San Francisco.

JLL worked on behalf of the borrower, Z&L Properties, Inc., to place the five-year, floating-rate construction loan with Barings, on behalf of one of its managed accounts.

Brandon Roth

1554 Market Street is a fully-entitled project positioned near the intersection of Market Street and Van Ness Avenue directly across from the Van Ness Muni Metro Station in San Francisco’s Hub District.

The transit-oriented development’s prime location has earned it a Walk Score® of 99, a Transit Score of 100 and Bike Score of 99 and positions it within eight blocks of more than 400 restaurants and bars.

Due for completion in 2021, the property will encompass two 12-story buildings connected by a concrete corridor that will house 109 condominium units situated above a ground-floor lobby and 5,010 square feet of retail space as well as a 28-space subterranean parking garage.

The JLL Capital Markets team representing the borrower included senior director Brandon Roth and senior managing director Charles Halladay.

Charles Halladay

“The San Francisco condo market continues to be strong with record pricing achieved in the second quarter of 2019,” Roth said.

“Lenders recognize that a severe housing shortage combined with employment growth and IPO’s from Uber, Lyft, Pinterest and others will lead to sustained demand from new buyers.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. Jones Lang LaSalle Americas is a licensed real estate broker with the California Department of Real Estate, License Number 01223413.done deals

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday GP Corp. (California Department of Real Estate, License Number 01385740) prior to being acquired by JLL on July 1, 2019.

Contacts:

Brandon Roth, JLL Senior Director

CA License No: 01767532

Phone: +1 415 276 6300

Email: Brandon.Roth@am.jll.com

Charles Halladay, JLL Senior Managing Director

CA License No: 01756300

Phone: +1 415 276 6300

Email: Charles.Halladay@am.jll.com

Olivia Hennessey, JLL Public Relations Specialist