Grosvenor Hungry for Bay Area Multifamily
Grosvenor just can't seem to get enough of the city, as the firm just unveiled plans for its latest batch of projects, which will bring 140 units to Dogpatch.
It just closed $35.5M in structured finance for two DM Development residential projects: 815 Tennessee St (above) and 2290 3rd St (below). (Bisnow was the first to catch wind of the 815 project.) On tap at 815 Tennessee: 69 condos (10 being below market rate) to include one-, two- and three-bedroom homes with an average size of 832 SF. The 3rd St project will include 71 apartments with a mix of studio, one- and two-bedrooms plus loft units with an average size of 679 SF, as well as 1k SF of retail. Both will break ground at the end of Q4 2015 and deliver mid-2017.
Grosvenor says it's expanded its structured development financing program, which is an attractive alternative to traditional development loans for developers. The two sites were bought in March and April by DM. The firm’s residential projects currently in development include: 8 Octavia (47 units), 400 Grove (34 units), 450 Hayes (41 units), Parcel T (26 units) and 311 Grove (8 units).
The program, which provides flexible preferred equity debt financing, has provided development dollars to more than 50 projects to date in DC, S.F., LA, Seattle, Vancouver and Calgary. Here's Grosvenor VP of development in S.F. Steve O'Connell giving Bisnow a tour last year of its first residential foray in S.F. at 1645 Pacific, a six-story project at the intersection of Nob Hill, PacHeights and Russian Hill.