SAN FRANCISCO, CA- PCCP, LLC announced it has provided a $27.35 million senior loan to refinance Millbrae Paradise (top left rendering), a residential condominium and retail development in Millbrae, Calif., on behalf of the developer and owner, San Francisco-based LF George Properties.
The senior loan will be used to refinance 59 completed Class A condominium units and 20,000 square feet of first and second floor retail space that is 80 percent occupied.
The Millbrae Paradise project started construction in 2008 and was completed in late 2010.
“Due to the quality of the product and the tightness of the San Francisco Bay Area market, particularly peninsula locations between San Francisco and San Jose, this project has performed very well over the past 15 months since opening,” said Jim Galovan, vice president with PCCP.
“We believe that this attractive, Class A property with very little nearby competition will continue to capture its share of the Bay Area for-sale market.”
Millbrae Paradise offers onsite amenities including a 2,000 square foot fitness center, a large center courtyard with seating, landscaping, fire pit, barbecues and fountains, and a lounge common area.
The property is well-located. It is one mile from the San Francisco Airport (lower left photo), 15 miles south of San Francisco, and 20 miles north of Palo Alto.
The property is less than one mile from Highway 101 and is across the street from the Millbrae BART station (20-minute BART ride to downtown San Francisco). Both El Camino and Broadway Avenue, which sit adjacent to Millbrae Paradise, are heavily retailed corridors within Millbrae that provide many boutique shopping and food-related amenities within walking distance of the property. Five grocery stores are located within one mile of the property.
Contact:
Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224 www.pccpllc.com
