This Week's San Francisco Deal Sheet
The weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates, and personnel moves. Have news you’d like to submit?
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San Pablo Investors Two and Trachtenberg Architects submitted plans for a 123-unit mixed-use development at 2136-2154 San Pablo Ave. in Berkeley, California.
Construction can only go forward after a one-story property on the site is demolished, as reported by SF YIMBY. The proposed project will include 50 parking spaces and long-term parking for 64 bicycles.
Of the 123 units, 117 will be dedicated to residential dwelling, containing 36 studio apartments, 76 one-bedroom units and five two-bedroom units. The remainder will be so-called live-work units. There is currently no construction timeline for the project.
SALES
San Diego-based BMRCK LP picked up a 68-unit, five-building apartment community in Rocklin, California, for $23M. CBRE arranged the sale, representing The Ezralow Co., which sold the property to BMRCK. Bob Cota Realty represented BMRCK, as reported by Connect CRE.
The property, dubbed The Brighton, contains two-bedroom units that were recently renovated. The community also has recently upgraded exteriors and new amenities such as a barbecue area and a resurfaced spa.
FINANCING
Related California secured $690M in financing to construct two apartment towers in Santa Clara, California.
Financing was provided by Otera Capital, PNC Bank and Welltower, according to Connect CRE. The proposed apartment buildings are part of Related’s Tasman East project. Construction is slated to start in 2025 as the first phase of a $1.4B development.
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Rainbow Realty Group, which focuses on retail, industrial and greenhouse properties associated with the cannabis industry, secured a $20M loan to implement property improvements across its Sacramento, California, buildings. The loan was cross-collateralized by nine properties in Sacramento, according to Connect CRE.
“We are pleased to close this transaction and support the burgeoning Sacramento cannabis market,” Rainbow President Kyle Shenfeld said in a press release. “The properties within the portfolio have inherent non-cannabis use cases. We have high regard for our borrower who holds the lead market share in Sacramento.”
THIS AND THAT
USA Properties Fund began accepting applications for Virginia Street Studios, a 301-unit senior housing community in San Jose. The affordable housing community used modular construction and is targeting residents 55 years or older.
“There is such a great need for affordable housing in the Bay Area, especially in San Jose,” The Pacific Cos. Senior Asset Manager Sara Goldstein said in a press release. “Modular construction was a good option for Virginia Street Studios and helps open the door to housing quicker for residents.”
The Pacific Cos. was developer for the project.
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Forge Development Partners and Bridge Investment Group began leasing at TL Residences, a 240-unit apartment community spread across two buildings in San Francisco’s Tenderloin district.
Thirty-one of the units are available below market-rate, while another 94 units will be available to renters with annual incomes ranging between $75K and $80K. The remaining market-rate units will be available from $2.4K to $3.7K per month.
