SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announces the $17.1 million financing for the development of 901 Tennessee, a 40-unit, Class A multi-housing property in San Francisco, California.
The HFF team worked on behalf of the developer, Local Capital Group, to secure the construction loan.
901 Tennessee is situated in an infill location in San Francisco’s amenity-rich Dogpatch neighborhood. The transit-oriented development provides direct access to the 3rd Street T-Line Muni light rail, 22nd Street Caltrain station, Interstate 280 and Esprit Park. In addition to its proximity to several dining and nightlife attractions, the property is also two blocks west of the 3.7 million-square-foot Pier 70 mixed-use development and directly adjacent to the Mission Bay neighborhood. The four-story building at 901 Tennessee will consist of studio, one-, two- and three-bedroom units averaging 663 square feet. The community will feature a landscaped, 3,600-square-foot courtyard; common rooftop deck; on-site vehicle parking and bike storage.
The HFF debt placement team representing the borrower included director Chris Gandy and associate Jason Carlos.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Local Capital Group: Local Capital Group was founded in 2013 as a partnership to acquire, develop and construct mixed-use and multifamily buildings in core, urban markets. The company has grown in markets throughout the United States, including a mixed-use development in Brooklyn, New York. Local has also diversified into additional real estate asset classes by adding industry expertise to its growing team acquiring commercial assets, including office, industrial and R&D.
About HFF: HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.