September 20, 2016 Comments Off on $34M Construction Loan Paves Way for Ground-Up Condo Project Views: 372 Bay Area, California News, West

$34M Construction Loan Paves Way for Ground-Up Condo Project

George Smith Partners arranged $34 million in ground-up construction financing for the development of a mixed-use property comprised of 90 for-sale housing units above ground-level retail space in San Francisco’s Financial District. Encore Capital Management plans to transform a former porn palace into a condo building at 1075 Market St.

Construction of the $56-milion project is slated to begin by the end of the year.

Encore’s Hector Calderon believes walkability will be a prime consideration for a project envisioned at an entry-level price point. “Our target buyers are singles and young couples who want to be near the vibrancy of mid-market, as well as empty nesters that are retiring, downsizing and moving back into the area.”

George Smith Partners’ Jonathan Lee, David Stepanchak and Adam Candler handled the loan.

Connect with Encore’s Calderon

Connect with George Smith Partners’ Lee

For comments, questions or concerns, please contact Dennis Kaiser

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