September 20, 2016
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.
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