Crescent Heights to Refinance NEMA Complex With $390M Bank of China Loan

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NEMA.
NEMA.

Luxury residential developer Crescent Heights is in negotiations for a $390 million permanent loan from Bank of China to refinance its NEMA apartment complex in San Francisco, Commercial Observer has learned.

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The loan, which is expected to close this month, will replace construction financing from a life insurance lender, according to a broker who eyed the deal. The source requested anonymity since the transaction has not yet closed.

The two-tower, 754-unit property, which totals one million square feet, opened in 2013 and is fully leased.

NEMA, short for “New Market,” cost Miami-based Crescent Heights upwards of $300 million to complete, the broker in the know said.

Studio apartments at the property start at $3,000 per month, while one-bedroom units start at $4,200 and two-bedroom units start at $6,000, according to the property’s website.

The multifamily complex, located the corner of 10th and Market streets, next to Twitter’s headquarters, counts an outdoor saline pool and a 7,000-square-foot gym among its amenities.

The property also has 13,500 square feet of ground-floor commercial space, which is soon to boast a restaurant run by celebrity chef Suvir Saran, according to previous reports.

Representatives for Crescent Heights and Bank of China declined to comment.