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."

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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