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.
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.