As Branigan points out, however, the market was rising in lockstep with the cost of the project. "When we initially underwrote this transaction, we were at sales prices of $425 per sf, and we ended up underwriting at $625 per sf, and their actual sales are now at $700 per sf," she tells GlobeSt.com. Corus Bank became a part of the transaction about two to three months ago, according to Branigan, who says her firm "really wanted to have the cost fine-tuned and really close to the GMP before bringing anybody in."

Branigan adds the construction financing, which has a 75% loan-to-cost ratio, involves a variable rate tied to six-month Libor and has been completed without a pre-sale requirement. Fremont was interested in financing the Mark due to the reputation of Douglas Wilson and the prime location of the property, according to Branigan. "There are a lot of people developing and putting units on the market, but Doug just believes in quality and having quality associated with his name," she says. "And we selected the Mark because of its location--it's really a ground zero location because it overlooks center field [of the recently erected Petco Park baseball stadium]." Indeed, the property "is a block and a half from Petco Park, so we do have views right into the ballpark," Peggy O'Connell, vice president of sales and marketing for the Douglas Wilson Cos., tells GlobeSt.com. Slated for completion in early 2007, the Mark will be comprised of 220 one- and two-bedroom condo units, 13 penthouse suites and 11 townhomes. It will also contain 8,062 sf of commercial/retail space that will be located on the Market Street side of the development.