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$19M Loan Kick-Starts 60-Unit Condo Project

EMERVILLE, CA-Tomorrow Development Co. plans to start construction for the eight-story Christie Park Towers development here this summer and complete it by late 2006.

By Brian K. Miller | Updated on May 02, 2005

EMERYVILLE, CA-Tomorrow Development Corp. has secured the construction financing it needs for Christie Park Towers, an eight-story, 60-unit project here with a total development cost of $22.5 million. The company plans to start construction this summer and complete the project by late 2006.California National Bank is providing the financing in the form of an $18.9 million, two-year loan with an interest rate of 300 points over LIBOR and one six-month extension option, a source familiar with the transaction tells GlobeSt.com. The remainder of the capitalization was the Borrower’s own equity. West Coast investment bank Buchanan Street Partners sourced the loan.”After reviewing the financing needs for Christie Park Towers with several institutional sources, (we were) able to secure a favorable construction loan that removed the need for a mezzanine finance component, strengthening the client’s equity position in the project,” says Buchanan Street SVP Jeffrey Eliason .Located at 6150 Christie Ave., the development site borders the Emeryville Public Market retail, office, and entertainment complex and a public park. The property will feature ground floor and third floor live/work spaces, one- and two-bedroom floor plans and six deluxe penthouse units. Units will have outdoor balconies and many units will have Bay views. Tomorrow Development expects to sell the units at a per-sf price of around $400 per sf, according to local sources. At that price, the total sellout would be $29.5 million.

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