Columbia Pacific Advisors Arranges $22MM Loan for 1178 Folsom in San Francisco

Columbia Pacific, San Francisco, David Baker, SoMa

Fully Capitalized Bridge Lender Provides Funds for Mixed-Use Property to Refinance its Existing Construction Loan

SAN FRANCISCO, June 8, 2020 – Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced it has provided a $22 million loan for 1178 Folsom Street in San Francisco. The owners of the mixed-use residential property will use the funds to refinance an existing construction loan and complete the project. 

Designed by architect David Baker, 1178 Folsom Street is being redeveloped into a five-story micro-apartment, retail and office building. Scheduled to be completed in September 2020, the property will include 42 rental apartments ranging from 290 to 350 square feet, ground-floor retail space, and office space on the second floor. 

As a result of Covid-19, the previous lender decided not to proceed on its construction loan for 1178 Folsom Street, and Columbia Pacific Advisors was able to step in and help the developer move forward with project completion. 

“We are actively seeking lending opportunities, and pleased to be able to navigate and close the transaction expeditiously to assist our borrower,” said Will Nelson, Senior Vice President of Real Estate Lending at Columbia Pacific Advisors. “Despite the impacts of Covid-19, we believe in 1178 Folsom Street and the more affordable nature of its product, which provides quality apartments and amenities to residents in the popular SoMa neighborhood.” 

The property is located less than three blocks from the global headquarters of Uber and Twitter, and adjacent to a major retail corridor on Folsom Street featuring prominent restaurants, bars and shops.  

“We are pleased to have a partner in Columbia Pacific Advisors, which understands our vision for providing a thoughtfully designed building that brings needed housing to SoMa,” said Erik Liu, the developer of 1178 Folsom Street.  

ABOUT COLUMBIA PACIFIC ADVISORS

Columbia Pacific Advisors (CPA) manages strategies in real estate investing, real estate lending and opportunistic investment. Columbia Pacific Advisors Bridge Lending is a platform within CPA that serves commercial real estate clients nationwide. A fully capitalized real estate bridge lender, the platform provides short- to intermediate-term loans ranging from $5 million to $75 million on a range of income producing properties including multifamily, senior housing, affordable housing, hospitality and self-storage. 

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