HFF arranged a $371.7 million construction loan on behalf of Tishman Speyer for 201 Folsom, a two-tower, 655-unit luxury condominium development in downtown San Francisco. Cornerstone Real Estate Advisers provided funding for the non-recourse financing.
World-renowned architecture firm Arquitectonica designed the development, which will encompass a 42-story and a 37-story tower and two mid-rise podiums arranged around a private courtyard. When completed, 201 Folsom will feature 10,963 sq. ft. of ground-floor space, a private health club and spa, a swimming pool, rooftop community space, a private screening room, concierge service and private dining. Tishman Speyer plans to complete the first podium in March 2015, with total project completion scheduled for January 2016.
HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth negotiated this transaction.
“We are very pleased to have assisted Tishman in securing financing for this landmark project,” said Mike Tepedino in a statement. “Investors were extremely responsive to the strong performance of Tishman’s nearby condominium development, The Infinity, as well as the excellent location within the much sought-after Rincon Hill neighborhood.”