Scope

252-unit apartment project in three buildings: two 15-story buildings and one five-story building.

Challenge / Description

BPG was developing a major office building in San Francisco. Rather than pay housing linkage fees, BPG took on the challenge of actually providing the requisite housing which met the goald of the S.F. Office of Housing Production.

Solution

BPG partnered with a local residential developer and Vintage Properties to acquire the land, gain the necessary entitlements, arranged financing, and build the residential units. To facilitate the goals of the city, BPG set aside 20% of the project for low-to-moderate income qualified tenants and obtained attractive tax-exempt low-floater financing.

Associated with the project, BPG oversaw the renovations of the adjacent, historic Alcazar Theater.

Acquired

-

Completed

April 1998

Partners

Barker Pacific Group and Vintage Properties

Financing
First Interstate Bank