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A new luxury residential development is headed to San Francisco’s Duboce Triangle. NGKF Capital Markets just arranged JV equity for the development of 2240 Market St between developer Prado Group and Vanke Holdings USA, the U.S. affiliate of China Vanke. NGKF Capital Markets repped the developer.
“San Francisco is among the nation’s most exciting cities and dynamic real estate markets and one we see as prime for growth,” Vanke Holdings USA managing director Kai-yan Lee said. “San Francisco is one of our key U.S. markets and 2240 Market is a prime site in an established neighborhood.”
Construction is expected to begin this year and complete by mid-2019. The five-story project is entitled for 45 units and 5,200 SF of retail and below-grade parking. The building will include studio, one-bedroom, two-bedroom and three-bedroom units and townhouses. Residents will have floor plans averaging 1k SF. The project is close to public transit and street-level retail, including a Whole Foods Market at 2001 Market, also developed by Prado.
The JV was arranged by NGKF Capital Markets based out of Newmark Cornish & Carey’s San Francisco office led by executive managing directors Mike Taquino, Kyle Kovac and Daniel Cressman.
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