An AvalonBay Communities-led development entity received $105 mil in financing for construction of the second phase of a mixed-use development known as Avalon at Mission Bay, in San Francisco’s Mission Bay area. The funding was provided by Centerline Capital Group.
Mission Bay, a 303-acre neighborhood between San Francisco Bay and I-280, was long an abandoned rail yard until the city of San Francisco deemed the site a redevelopment project in 1998. Just 10 years later, the community is sought after for its luxury residences, high-end restaurants and retail centers. Avalon at Mission Bay contributes to the high-end quality of the community, providing residents with a classy and convenient place to call home with its upscale amenities and sophisticated designs.
Construction on Phase 2 of Avalon at Mission Bay was completed in 2006. The 2nd phase is made up of a 17-story high-rise tower and an eight-story mid-rise building that contain 313 apartment units, three retail/office spaces and a parking garage. Construction on Phase 1, comprising 250 apartment units and approximately 7.8k sf of commercial retail space, was finished in 2002.
Centerline provided the pre-stabilized first mortgage loan utilizing Freddie Mac's Premier Lease-Up Program. Centerline Urban Capital (CUC), Centerline's equity investment fund partnership with the California Public Employees Retirement System ("CalPERS"), formed a joint venture with AvalonBay to contribute $17.7 mil in equity toward the construction of Phase 2.
"We are very excited to have been part of such a grand-scale redevelopment project for the Bay Area. Avalon at Mission Bay adds another option for San Francisco residents searching for a desirable place to live with an easier commute," said Rachel Diller, Director in Centerline's Commercial Real Estate Group. "The combination of the transaction's excellent sponsorship, premier location and strong initial lease-up phase was a perfect match for Freddie Mac's Premier Lease-Up Program - a program specifically designed to take-out construction loans on properties currently in lease-up."
The property is located 10 blocks south of Market Street in downtown San Francisco near the new Third Street Light Rail, the Muni extension and the Cal Train Station. According to the San Francisco Redevelopment Agency, the total development program for Mission Bay is expected to exceed $4 bil.
The residential component of Avalon at Mission Bay Phase 2 consists of efficiency and one- to three-bedroom units. Units range in size from 432 sf to 1.8k sf, with rents starting at $1,986 per month. Common area amenities include a landscaped spa and deck area, sport court with a climbing wall facility and a state-of-the-art fitness center. In-unit amenities include walk-in closets, floor-to-ceiling glass windows, granite countertops and private balconies in select units.
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source: rentv.com
