SOMA PDR Redevelopment Locks in $52M in Construction Financing
Construction financing of more than $50 million was recently secured for the Maclac Building, a five-story 108,161 net-rentable-square-foot PDR-zoned redevelopment project located in San Francisco. The property spans five interconnected buildings over two parcels and half a city block located at 192-198 Utah St. and 151-191 Potrero Ave. in SOMA.
Commenced in May 2020 and being delivered in phases with work currently expected to be complete in third quarter 2022, the sponsor’s plan is to reconfigure, upgrade and expand the structures with 4,000 amps of power, updated building systems, green roof terraces and a multi-story glass atrium lobby tying the building floorplates together.
The CBRE team led by Mike Walker and Brad Zampa arranged the five-year floating-rate financing on behalf of the borrower, a joint venture between affiliates of Comstock Realty Partners and Dune Real Estate Partners. The financing secured consisted of a five-year full-term interest-only loan priced competitively over 30-day LIBOR.
“The outcome here is a testament to the Comstock-Dune sponsorship and their track record building and redeveloping best-in-class real estate throughout California as well as the attributes of the accommodating PDR-zoning, the scale of the site and its strategic location with multiple access points to logistics and transit,” said Walker.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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