Square Mile Originates a $66.5MM Construction Loan for San Francisco Multifamily Development

Square Mile Capital Management LLC, San Francisco, Bay Area, REIT, Encore Capital Management, Presidio Development Partners

New York City, May 23, 2017 – Square Mile Capital Management LLC (“Square Mile”) today announced that it has originated a $66.5 million construction loan to finance the development of a multifamily building with ground floor retail to be developed at 1699 Market Street in San Francisco, California.

Rescore REIT, a private REIT sponsored by Encore Capital Management, is teaming up with local developer, Presidio Development Partners, to develop the project. The site is located in San Francisco’s SoMa neighborhood on Market Street between Valencia and Gough Streets. Upon completion, the project will consist of a 9-story building featuring 160 residential units 3,895 square feet of retail space and 82 parking spaces. Amenities will include a club room, fitness center, Chef’s kitchen & dining, outdoor seating with fireplace, roof deck with barbeque area, fire pit, community garden, and a dog run. The project is expected to be completed in 2019.

Square Mile Principal Michael Mestel said, “We are pleased to have the opportunity to provide financing to a strong sponsorship with significant experience and further expand our portfolio in San Francisco. The project is well positioned to capitalize on SoMa’s high barriers to entry and strong demand for high quality apartment units.”

About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate finance and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate assets throughout the United States. Square Mile’s opportunistic platform takes a value-oriented approach to its investment activities, with an emphasis on opportunities to invest in real estate assets or enterprises that are undervalued, complex or under-capitalized.

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