Financing in Hand for $100M Apartment Project

SAN FRANCISCO-The planned conversion of a former hospital complex at the foot of the Golden Gate Bridge into 161 apartment units appears ready to move forward. Forest City Enterprises said Monday it has secured $67.5-million in construction financing for the estimated $100-million project within the Presidio, a historic former army base that has been under redevelopment for more than a decade.

The hospital was closed in 1981. The project calls for the historic buildings in the hospital complex to be rehabilitated and for the non-historic wings of the main hospital building to be removed in favor of new construction. Wachovia, RBS Citizens, N.A. and the National Electrical Benefit Fund participated in the financing transaction, according to Forest City, which provided no other loan details.

The construction financing news comes 18 months after the Cleveland-based public company signed the related development agreement development agreement with the Presidio Trust. The Trust was established in 1996 to make the Presidio economically self-sufficient by 2013.