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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Merchants Capital secured a $35M construction loan for the development of the San Cristina, a 58-unit affordable housing project in San Francisco by local housing organization HomeRise.
The loan was provided by the Merchants Bank of Indiana, with participation by the AFL-CIO Housing Investment Trust.
“Merchants commends the ongoing efforts by HomeRise to provide housing and supportive services for San Francisco residents most in need,” Merchant Capital Executive Vice President Lee Oller said in a press release.
“The rehabilitation of this iconic building would not have been possible without the assistance from state and city partners in California," Oller said. "Together we can preserve affordable housing, while also creating union jobs that benefit the broader economy of local communities.”
The property is one of 27 that received money as part of the 2022 California Housing Accelerator Award, in which $22M was distributed for developing and fast-tracking affordable and low-income housing in California.
SALES
Intersection Equities acquired a two-building, 85K SF warehouse property at 5555 Broadway St. in America Canyon, California. Scott Peterson and Colby Matzke of CBRE secured the $11.2M loan in order to finance the deal, according to ConnectCRE.
“Intersection is acquiring an exceptional asset that will create considerable interest from users given its direct frontage along Highway 29, proximity to wine country and easy access to the Bay Area,” Peterson said. “The market’s low vacancy and record-breaking absorption position the property well for future success.”
One of the warehouses is night-cooled, while the other is cooled by refrigeration. Features of the properties include 22-foot clear heights, five dock-high doors, 2 acres of yard area and four grade-level doors.
DEVELOPMENT
The Community Housing Development Organization of North Richmond proposed an 80-unit affordable senior housing project at 1708 Harmon St. in Berkeley, SF YIMBY reported.
The Ephesian Church of God in Christ owns the property, and the CHDC is working on the church's behalf. This proposal is an update of an application submitted in 2021, according to SF YIMBY. In addition to the housing units, the proposal includes 62 parking spaces.
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Development began last week on a new school in the San Francisco Unified School District. The Mission Bay School is part of the city’s Mission Bay Redevelopment Plan, which was created in 1998. DLR Group and McCarthy Building Cos. worked together on the project.
“Watching a new neighborhood take shape before our eyes is an amazing experience, and we are privileged to have the opportunity to bring a new, state-of-the-art school to San Francisco,” SFUSD Superintendent Matt Wayne said in a press release.
“This new school increases educational access to San Francisco families in an area that has undergone tremendous growth over the last several years — and much more growth is expected to come. The school will be at the heart of a burgeoning neighborhood with close connections to the biotech industry, public health, higher education, green spaces and more.”
PEOPLE
JLL added Allison Hoffman as executive vice president in Silicon Valley. Hoffman previously served as managing director of life sciences at T3 Advisors. Prior to this, Hoffman worked in healthcare at Gilead, Genentech and Takeda Pharmaceuticals.
“Allison brings an ideal mix of real estate experience and industry expertise to the team,” JLL Executive Managing Director and Bay Area Life Sciences Practice Group Lead Scott W. Miller said in a press release.
“We’re excited to capitalize on her skill set and continue to propel our Tenant Representation business forward. We’re confident this investment will help complement the strength of our team and continue to generate excellent results for our clients.”
LEASES
The Springline office park in Menlo Park reached 100% occupancy last month, as Wells Fargo signed a 40K SF lease. The property contains office and retail clients, including Highland Capital, Menlo Ventures, Che Fico, Robin Sushi and Mirame, in addition to Wells Fargo.
The mixed-use property from Presidio Bay Ventures is spread across three buildings, which are still under construction. In addition to office and retail uses, the project, at 100 El Camino Real, offers luxury housing and 20 units of affordable housing.
THIS & THAT
Groundbreaking occurred last week on 1510 Webster St., a mixed-use property from oWOW Development in Oakland. The property is slated to contain 222 units and will be developed using mass timber.
The project is currently considered the tallest mass timber property in California, topping 18 stories. The project previously contained an office component, which was scrapped during the proposal stage in favor of more residential units, owing to the lull in office demand across the Bay Area.
