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The weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates, and personnel moves. Have news you’d like to submit?
Email joseph.gordon@bisnow.com
A supportive housing development in San Francisco’s SoMa district broke ground last week, as part of a joint effort between Enterprise Community Partners, Mercy Housing California and the city and county of San Francisco. The 221-home property will be financed in part with a $53M equity investment by Fannie Mae and Enterprise under the federal Low-Income Housing Tax Credit Program.
Chase Bank is providing construction and permanent financing, with the San Francisco Mayor’s Office of Housing and Community Development providing additional funding and support.
The property, dubbed 7th and Brannan, will serve as transitional housing for 120 people experiencing homelessness, as well as offering 100 homes for low-income families. The property will also contain 5K SF of retail, leased below market-rate for local businesses. Construction is slated to be complete by the summer of 2024.
“We’ve got to prioritize preventing low-income families from becoming homeless, or being priced out of San Francisco, just as much as supporting people who are experiencing homelessness,” MHC President Doug Shoemaker said in a press release. “This development gives us the unique opportunity to do both at once.”
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SALES
A 38-unit mixed-use building in San Francisco’s Hayes Valley district sold last week for $4.4M. The property is located on 1874 Market St. Coldwell Banker Commercial brokered the transaction in which both buyer and seller were undisclosed.
“The property is in a fantastic location and has been well-maintained with significant investments made on capital improvements that preceded this sale," Coldwell Banker Producer Dan McGue said in a press release.
PEOPLE
Boston-based EBI Consulting added two seismic experts to its team, both of whom are based in the San Francisco Bay Area. Saeed Fathali and Jeffery S. Falero bring 50 years of engineering experience to the company, building out its seismic and structural services.
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Justin Grilli joined Newmark’s Walnut Creek office as senior managing director, and he will work with developers, investors, tenants and capital market transactions, in addition to portfolio management.
“I’m very excited that Justin has joined Newmark and our East Bay team,” Newmark Executive Vice President Kam Schroeder said in a press release. “I have always been impressed with Justin’s commitment to his clients as well as his integrity and character — everything that our team stands for. He is a strong addition to our local platform and will enhance our client service offering on a global level given his expertise in multi-market portfolio work.”
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Developer Landsea Homes announced the appointment of Marc Rico as its Northern California division vice president of sales and marketing last week, according to Connect CRE.
“Marc is well-equipped to lead our sales and marketing efforts in Northern California and we’re looking forward to his contributions as we continue to grow in this important market,” Landsea Division President Josh Santos said in a statement.
Rico previously served as director of business development for the U.S. Western Division of Hydraloop, a water recycling company. Prior to that, he served as director of sales and marketing for D.R. Horton.
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