SAN FRANCISCO—CBRE Capital Markets' Debt and Structured Finance team has secured $44.6 million in construction financing for Eviva Mission Bay, a 129-unit multifamily community located in Mission Bay. Brady O'Donnell of CBRE's Denver office, along with Andrew Behrens and Jesse Weber of CBRE's San Francisco office, arranged the financing for Eviva Mission Bay on behalf of the developer, The Integral Group and Argosy Real Estate. Financing was provided by East West Bank.
Weber tells GlobeSt.com: “Eviva Mission Bay is going to be built on the last remaining parcel available for development in Mission Bay along King Street in San Francisco. There is a tremendous amount of demand for housing in this neighborhood and adding additional housing units will allow the neighborhood to continue its maturity and support for the surrounding businesses in the area.”
Construction of the building, which is located at 6th and Berry streets, has commenced. The property is scheduled for completion in third quarter 2016 and will be comprised of 72 one-bedroom, 53 two-bedroom and four three-bedroom units, along with 82 garage parking spaces.
The residential facility will have a Wi-Fi café/bar, multiple barbecue areas, a fitness center and a yoga room. The units will all include nine-foot ceilings, private patios/balconies and environmentally friendly fixtures. A roof garden above the fitness room and courtyard will align Eviva with similar mid-block open space apartments near the property. Additional amenities will include concierge service and 24-hour security.
Located in the heart of Mission Bay, the property is well positioned to provide convenient access to the new Mission Bay Hospital system and retail. The building is in proximity to AT&T Park and the financial district, and has access to Highway 101 and Interstate 280.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
