February 13, 2019
Mission Capital Advisors arranged $14.5 million of non-recourse financing for 229 Ellis Street in San Francisco’s Tenderloin district. The borrower, Starcity, plans to use loan proceeds to completely transform the 27,542-square-foot property into a co-living community with 55 units.
The historic property was built in 1910, and was operated as a Turkish bathhouse for more than 70 years. After lying vacant for a decade, Starcity acquired the building in March 2018. Starcity communities include a private, fully furnished bedroom, complemented by shared kitchens and living spaces, so residents can be a part of a greater community.
Mission Capital’s Matt Polci, Alex Draganiuk and Justin Hunt secured the loan from Ready Capital Structured Finance.
Starcity has six communities open in San Francisco and Los Angeles, and hundreds of units coming online in 2019.
For comments, questions or concerns, please contact Dennis Kaiser