San Francisco Construction Loans – $34,000,000 Non-Recourse Condominium Development over Ground Floor Retail

George Smith Partners placed the ground-up construction loan for the development of 90 “For Sale” housing units over ground-floor retail in the heart of the San Francisco Financial District, walking distance from several major tech employers. The retail is designed for restaurant use and can be sold to a single user or easily sub-divided and sold to two separate owner/operators. No public parking will be available although several residents may purchase a subterranean space in addition to their unit acquisition. Sized to 60% of actual costs, the non-recourse loan only carries a completion and carve-out signature; there is no repayment guarantee. Priced at LIBOR (floored at 0.5%) plus 400, the three year loan carries a one-year option to extend.

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