Location:
Howard Street at Hawthorne Lane
San Francisco, California
Client:
Jackson Pacific Hawthorne, LLC
MacFarlane Urban Realty Company
Property:
A to-be-built luxury residential condominium project with 165 units, 2,700 square feet of street level retail and a subterranean parking garage for 124 automobiles
Assignment:
Raise 100% of the development capital consisting of equity and non-recourse construction financing
Challenges:
Assignment executed in a deteriorating national residential condominium market
High leverage, non-recourse loan request
Construction loan closing in severely restricted global credit environment
Results:
Equity: $25,000,000 joint venture financing
Debt: $120,000,000 non-recourse construction loan
Term: 36 months with two 6-month extension options
Prepayment: partial releases with full repayment at par permitted at any time
