Los Angeles– March 30, 2015 – CBRE Capital Markets’ Debt & Structured Finance team has secured $44.6 million in construction financing for Eviva Mission Bay, a 129-unit multifamily community in San Francisco, California.
Brady O’Donnell of CBRE’s Denver, Colorado office, along with Andrew Behrens and Jesse Weber of CBRE’s San Francisco office, arranged the financing for Eviva Mission Bay on behalf of the developer, The Integral Group and Argosy Real Estate. Financing was provided by East West Bank.
“Eviva Mission Bay is an excellent example of leveraging the CBRE national platform to provide our clients with a wide array of capital sources and allowing them to deliver above market returns to their investors,” said Mr. Behrens, Vice Chairman, Debt & Structured Finance, Multifamily, CBRE.
Construction of the building, which is located at 6th and Berry Street, has commenced. It is scheduled for completion in Q3 2016, and will be comprised of 72 one-bedroom, 53 two-bedroom and four three-bedroom units, along with 82 garage parking spaces.
Eviva Mission Bay will have a WiFi café/ bar, multiple barbeque areas, a fitness center and yoga room. The units will all consist of nine-foot ceilings, private patios/balconies, and environmentally friendly fixtures. A roof garden above the fitness room and courtyard for the project will align Eviva with similar mid-block open space apartments near the property. Additional amenities will include concierge service and 24-hour security.
Located in the heart of Mission Bay, the property is well positioned in the market and will provide convenient access to the new Mission Bay Hospital system, local grocers and retail. Eviva Mission Bay is in proximity to AT&T Park—home to the San Francisco Giants—and San Francisco’s Financial District, and will provide great access to Highway 101 and Interstate 280.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
