SAN FRANCISCO—The Gantry, a five-story, 105-unit residential building located at 2121 Third St. in the historic Dogpatch District has received $40 million in financing. The funding was arranged by CBRE capital markets' debt and structured finance team led by Andrew Behrens and Jesse Weber of CBRE's San Francisco office. Behrens and Weber arranged the seven year, interest-only loan through Northwestern Mutual on behalf of Rockwood Capital.
The Gantry is located in a mecca of new bars and restaurants. The Dogpatch neighborhood has a 22.2% year-over-year annual price increase. From April to June 2015, the neighborhood experienced the most home sales in all of San Francisco, with a median price of $1.5 million per household.
Weber tells Globest.com: “There was an extraordinary amount of interest from life companies, banks, Fannie Mae and Freddie Mac to provide Rockwood Capital with the permanent financing for The Gantry. The lenders' interest stemmed from the quality of the construction and condition of the property combined with its location in the Dogpatch, one of San Francisco's hippest, newest developing areas.”
The Gantry community consists of 87 market rate and 18 affordable units. Amenities include 9-foot raised ceilings, fully equipped gourmet kitchens, quartz countertops, in-unit washer/dryers and large walk-in closets. Property amenities include a rooftop lounge with a fire pit, barbecue area and views of downtown San Francisco. The property also has front door public transportation.
As previously reported, a Trumark Urban multifamily project in Dogpatch was also funded earlier this year.
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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.
