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CapitalSource Provides $82M Construction Financing For New Student Housing
CapitalSource, a division of Pacific Western Bank, provided a $82.3-million construction loan to finance the development of a new student housing property in San Francisco. The borrower, owner and operator is San Francisco-based Panoramic Interests.
City Gardens will be a type 1B building, eight-story student housing complex with 200 units and 618 beds. The lobby will have street footage, along with a resident lounge.
CapitalSource’s Thomas Whitesell says, “San Francisco has an estimated 80,000 students but an inventory of only 9,000 beds, creating a significant shortfall. Panoramic Interests is trying to close that gap and, in the process, provide students with better housing options at a lower cost.”
Residential levels are arranged around a central courtyard and garden, with the ground floor housing a 176-bike storage room. Units will be fully-furnished, and include 9-foot ceilings, operable windows, engineered soundproofing, bay windows and individually-controlled heat and ventilation.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development
