Patrick McNerney Of Martin Building Company Secures $141.9M Loan For Development In San Francisco

The property involved in this transaction is a development site located at 1101-1111 Sutter Street in San Francisco. The project is a 22-story mixed-use residential tower that will consist of 303 units, which includes 101 affordable units. Additionally, the development will feature a 4,000-square-foot childcare center and will also include the rehabilitation of an existing public parking garage. The total loan amount is $141,900,000, secured through HUD 221(d)(4) construction-permanent financing.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $141,900,000
• Landlord: Patrick McNerney - Martin Building Company
• Broker: Jay Abeywardena - Berkadia
• Market: San Francisco
• Asset Address: 1101-1111 Sutter Street
• Loan Type: Construction

Berkadia arranged the financing on behalf of Martin Building Company for this significant development project, highlighting the expertise of the brokerage in managing substantial deals in the real estate market.