SAN FRANCISCO, CA – JLL announces that it has arranged $76.8 million in financing for the development of 1554 Market Street, a 109-unit condominium project located in downtown San Francisco.
JLL worked on behalf of the borrower, Z&L Properties, Inc., to place the five-year, floating-rate construction loan with Barings, on behalf of one of its managed accounts.
1554 Market Street is a fully-entitled project positioned near the intersection of Market Street and Van Ness Avenue directly across from the Van Ness Muni Metro Station in San Francisco’s Hub District. The transit-oriented development’s prime location has earned it a Walk Score® of 99, a Transit Score of 100 and Bike Score of 99 and positions it within eight blocks of more than 400 restaurants and bars. Due for completion in 2021, the property will encompass two 12-story buildings connected by a concrete corridor that will house 109 condominium units situated above a ground-floor lobby and 5,010 square feet of retail space as well as a 28-space subterranean parking garage.
The JLL Capital Markets team representing the borrower included senior director Brandon Roth and senior managing director Charles Halladay.
“The San Francisco condo market continues to be strong with record pricing achieved in the second quarter of 2019,” Roth said. “Lenders recognize that a severe housing shortage combined with employment growth and IPO’s from Uber, Lyft, Pinterest and others will lead to sustained demand from new buyers.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. Jones Lang LaSalle Americas is a licensed real estate broker with the California Department of Real Estate, License Number 01223413.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday GP Corp. (California Department of Real Estate, License Number 01385740) prior to being acquired by JLL on July 1, 2019.
About Z&L Properties, Inc. Z&L Properties, Inc. is a California-based real estate development and management company that specializes in high-rise mixed-use developments. Z&L has an impressive portfolio of high-rise condo projects in California’s most preeminent cities, including San Francisco, Los Angeles and San Jose. Headquartered in Foster City, California, the company includes a team of engineers, planners, architects, lawyers, accountants and marketing professionals who work on all phases of development, from acquisition to close.
About JLL: JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com