SAN FRANCISCO—A $12.5 million mezzanine loan for the newly built Panoramic, a 160-unit multi-family and mixed-use building located at 1321 Mission St. has been secured. The loan was originated by Square Mile Capital Management LLC. The $12.5 million loan provided to the ownership is part of a larger $65 million loan facility, with UBS Real Estate Securities Inc. originating the senior portion of the loan.
Brad Cohen, Square Mile managing director, tells GlobeSt.com: "San Francisco needs projects like this one to help address its critical affordable housing shortage. We were pleased to provide capital to make this viable."
The Panoramic is near Twitter's headquarters, two blocks from the Civic Center BART station and one-half block from Market on Market, a 22,000-square-foot market hall. The property was completed by Panoramic Interests LLC in August 2015 and is fully leased to the California College of the Arts and the San Francisco Conservatory of Music. It was featured on the ULI Fall Meeting tour this week.
The Panoramic features 120 studios and 40 suites, offering affordable apartments with full kitchens and stainless steel appliances, built-in furnishings, 9-foot ceilings, oversized bay windows and window seats, sustainable materials, high-efficiency lighting, low-flow plumbing fixtures, enhanced indoor air quality, laminated heat resistant glass, built-in storage and engineered soundproofing. Public amenities include a panoramic rooftop deck, public lounges on every floor, a ground floor café adjacent to the lobby, and as a car-free facility, there is bike storage for residents, and on-site shared car and bike services. It has a transit score of 100, a bike score of 97 and a walk score of 97.
“The shortage of affordable rental housing in San Francisco is acute but the Panoramic is intended to fill some of the void,” says Cohen.
As previously reported, the area is being developed for a variety of different uses.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
