San Francisco – August 17, 2015 – CBRE Capital Markets’ Debt & Structured Finance team has arranged $40 million in financing for The Gantry, a five-story, 105-unit residential building in San Francisco, California.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office arranged the seven-year, interest-only loan through Northwestern Mutual on behalf of Rockwood Capital.
“The Gantry is located in one of the newest and hottest markets in San Francisco,” Mr. Weber stated. “Rockwood was able to secure favorable financing terms because of the superior quality of the property and its high demand location. There was a significant amount of interest from all types of lenders, but Northwestern Mutual was able to provide the best total financing offer.”
The Gantry community consists of 87 market rate and 18 affordable units. Amenities include 9-foot raised ceilings, fully-equipped gourmet kitchens, quartz countertops, wood style flooring, in-unit washer/dryers and large walk-in closets. Property amenities include a rooftop lounge with a fire pit, barbeque area and views of downtown San Francisco and the Bay Area come standard.
Located at 2121 Third Street in the Historic Dogpatch District, The Gantry has front door public transportation and is located in a mecca of new bars and restaurants. The Dogpatch neighborhood has a 22.2% year-over-year annual price increase. From April to June 2015, the neighborhood experienced the most home sales in all of San Francisco, with a median price of $1.5 million per household.
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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.