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| Downtown San Francisco office property. Financing arranged by Continental Partners. (Photo Credit: Architectural renderings provided by sponsor). |
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| Eugene Rutenberg |
SAN
FRANCISCO, CA – Commercial real estate
investment banking firm Continental Partners has successfully secured $5.3
million in bridge to mini-perm financing for a 7,500 square-foot value-add office
building located in the financial district of downtown San Francisco, to be
converted into multifamily micro-units.
The
financing was arranged by Continental Partners Director Eugene Rutenberg.
“Downtown
San Francisco’s tremendous job growth in the tech and financial services
industries is driving demand for quality housing in this thriving market,” says
Rutenberg.
“Due to the high cost of new construction and
rising rental rates, however, San Francisco’s affordability crisis continues to
place enormous pressure on renters. As demand for more affordable housing
options continues to outpace supply, there is a unique opportunity for
investors to capitalize on this demand by converting existing office space into
more affordable micro-units.”
Continental
Partners secured the $5.3 million loan from a regional bank to finance the
total project cost of approximately $7.54 million. The bridge loan was sized to
103 percent of the purchase price, with a loan-to-cost leverage ratio of 71
percent.
For a complete copy of the company’s
news release, please contact:
Lauren
Burgos / Katie Kea
Brower,
Miller & Cole
(949)
955-7940
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