We're very excited to being construction on this new project!
New Condominium Development Breaks Ground in San Francisco’s Pacific Heights Neighborhood
JLL secures $144 million construction loan for condominium and retail development
As the technology driven economy continues its robust expansion it the Bay Area, residential development is transitioning from rental product to luxury condominium development. On behalf of Oyster Development Corp. and Tricon Capital, JLL today announced that the firm has secured a $143.5 million construction loan for the development of 1634-1690 Pine Street, named “Rockwell”. National Real Estate Advisors provided the loan.
Managing Director John Manning and Senior Vice President Alex Witt led the JLL team on the transaction. “San Francisco’s condominium market is among the top in the nation, making a major new project in an outstanding location with top class experience sponsorship a natural for the market,” said Manning. “The project’s luxury design, amenity package and proximity to retail will surely allure homebuyers.”
Rockwell will consist of two 13-story towers, totaling 260 units. The development will also include one level of below-grade parking for 201 cars and a 4,000 square foot ground floor retail component. Construction commenced in October following the loan closing and the first tower is expected to be completed in July 2016.