SAN FRANCISCO–Columbia Pacific Advisors has provided a $22-million loan to a mixed-use project in San Francisco that will allow the property owners to refinance an existing construction loan and complete work on 1178 Folsom St.
The project's previous lender decided not to proceed with the construction loan for 1178 Folsom St. due to the COVID-19 pandemic. Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, stepped in with a new loan for the project. The platform provides short- to intermediate-term loans ranging from $5 million to $75 million on income -producing properties.
"We are actively seeking lending opportunities, and pleased to be able to navigate and close the transaction expeditiously to assist our borrower," Will Nelson, senior vice president of real estate lending at Columbia Pacific Advisors, said in a prepared statement. "Despite the impacts of Covid-19, we believe in 1178 Folsom St. and the more affordable nature of its product, which provides quality apartments and amenities to residents in the popular SoMa neighborhood."
The project, designed by architect David Baker, includes ground-floor space for a restaurant, a second floor dedicated to office use and four levels of market-rate rentals. The 42 micro-unit studios will range in size from 290 square feet to 350 square feet. A sixth level will include a community room, laundry amenities and an outdoor roof.
The project is located within San Francisco's Western SOMA development plan and stands approximately three blocks from the headquarters of Uber Technologies Inc. and Twitter Inc.
"We are pleased to have a partner in Columbia Pacific Advisors, which understands our vision for providing a thoughtfully designed building that brings needed housing to SoMa," said project developer Erik Liu.
The project is expected to be completed by September.
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Cheryl Miller
Cheryl Miller, based in Sacramento, covers the state legislature and emerging industries, including autonomous vehicles and marijuana. She authors the weekly cannabis newsletter Higher Law. Contact her at [email protected]. On Twitter: @CapitalAccounts
