San Francisco multi-housing lease up financed for $104 million

 

             City Gardens, 333 12^th Street in the Western Mission/SOMA                                      neighborhood of San Francisco.

SAN FRANCISCO, CA, March 2, 2021 – JLL Capital Markets announced today that it arranged the $104 million refinance of City Gardens, a recently developed multi-housing property located in San Francisco, California.

Lauren Mezzanotte

 JLL worked on behalf of the borrower, Panoramic Interests, to secure the three-year, floating-rate loan through Ready Capital.

Charles Halladay

 City Gardens consists of 200 two-, four- and five-bedroom micro-units, boasting strategic, efficient design.

The property totals 152,445 square feet and features fully furnished bedrooms and living areas, expansive windows with beautiful city views, 9’ ceilings and was sustainably built; including high-efficiency lighting and plumbing, laminated heat resistant glass and energy recovery ventilation.

 Located at 333 12^th St. in the Western Mission/SOMA neighborhood, City Gardens is positioned near many shopping and grocery options, including Costco and Trader Joe’s, and various dining, bars and cafes.

Alex Witt 

Additionally, the property is nestled between two burgeoning areas, including Hayes Valley; a revitalized neighborhood filled with high-end boutiques and vibrant restaurants and watering holes; and the Design District; which features renowned designer and furnishing showrooms.

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Charles Halladay and Managing Directors Alex Witt and Jordan Angel, Associate Jonah Aelyon and Analyst Lauren Mezzanotte.

Jordan Angel

 Patrick Kennedy, CEO of Panoramic Interests, says, "Alex Witt, Jordan Angel and the JLL team did an amazing job in a challenging market. We were grateful to have them on our team.”

 “Panoramic Interests has built an extraordinary high-density multi-housing building uniquely positioned to capture San Francisco’s renter demand,” says Angel.

Patrick Kennedy

“The San Francisco JLL Capital Markets team feels fortunate to have been able to partner with the Panoramic Interests team to secure a refinance with Ready Capital, allowing for the lease up of City Gardens.

 "This was a great loan closing with a best in class developer and lender.”

 For more news, videos and research resources on JLL, please visit our newsroom.

 

CONTACT:

Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 us.jll.com/investorservices