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SAN FRANCISCO-PCCP LLC has provided a $27.35-million senior loan to locally based owner LF George Properties to refinance Millbrae Paradise, a residential condominium and retail development in Millbrae, CA. The loan will be used to refinance 59 completed class-A condominium units and 20,000 square feet of first- and second-floor retail space that is 80% occupied.
“Due to the quality of the product and the tightness of the San Francisco Bay Area market, particularly peninsula locations between San Francisco and San Jose, this project has performed very well over the past 15 months since opening,” says Jim Galovan, a VP with PCCP. “We believe that this attractive, class-A property with very little nearby competition will continue to capture its share of the Bay Area for-sale market.”
The project started construction in 2008 and was completed in late 2010. It offers onsite amenities including a 2,000-square-foot fitness center, a large center courtyard with seating, landscaping, fire pit, barbecues and fountains, and a lounge common area.
Millbrae Paradise is also well located one mile from San Francisco Airport, 15 miles south of San Francisco and 20 miles north of Palo Alto. The property is less than one mile from Highway 101 and is across the street from the Millbrae BART station (a 20-minute BART ride to downtown San Francisco). Both El Camino and Broadway Ave., which sit adjacent to Millbrae Paradise, are heavily retailed corridors within Millbrae that provide many boutique shopping and food-related amenities within walking distance of the property. Also, five grocery stores are located within one mile of the property.
Galovan tells GlobeSt.com that no further improvements are planned for the property except for minor changes to the final unoccupied retail space. He adds that the residential units are completed and that the borrower built the property and completed construction in fourth-quarter 2010.
As GlobeSt.com previously reported, PCCP recently provided a $46-million senior loan to KHP Fund II, a real estate private-equity fund sponsored by Kimpton Hotels & Restaurants, to reposition two hotels: the 202-room Hotel Monaco Baltimore and the 183-room Hotel Palomar San Diego. The loan will allow Kimpton to more effectively market the Hotel Palomar San Diego to corporate groups and corporate guests as one of the premiere luxury boutique hotels in the market. It will also allow for more effective repositioning of Hotel Monaco Baltimore.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
