SAN FRANCISCO – CBRE Capital Markets has secured construction financing for The Maclac Building, a five-story, 108,161-square-foot lot located at 192-198 Utah St. and 151-191 Potrero Ave. in San Francisco.
The borrower, a joint venture between affiliates of Comstock Realty Partners and Dune Real Estate Partners, plans to redevelop the asset identified as Production, Sales and Repair (PDR).
PDR applies to a wide variety of businesses, including dent and repair shops, marketing and advertising companies, traditional brick and mortar retailers, and others, and is used “instead of industrial” to avoid images of the serious, ‘chimney industry, according to the San Francisco Planning Department , such as large production plants, smelters and refineries. “
Mike Walker and Brad Zampa from CBRE’s San Francisco office arranged the five-year floating rate, full-term interest financing for the borrower.
The property extends over five interconnected buildings on two lots and half a city block in the SOMA Potrero neighborhood of San Francisco. The renovation began in May 2020 and will be completed in phases, with delivery expected in the third quarter of 2022.
The joint venture plans to reconfigure, upgrade and expand the current structures with 4,000 amperes of electricity, modernized building systems, green roof terraces and a multi-storey glass atrium lobby that connects the floor panels of the building. Additionally, the plan includes a new four-story structure on Potrero Avenue and 15th Street, and maintains the A-frame structure in Utah and 15th Street.