Holland & Knight Represents CapitalSource in $82 Million Construction Loan for Student Housing Complex
SAN FRANCISCO (June 4, 2018) – Holland & Knight advised CapitalSource, a division of Pacific Western Bank, in its $82 million loan to Panoramic Interests for the construction of City Gardens, an eight-story, 200-unit student housing complex in San Francisco.
Located at 333 12th Street, the development will serve students of San Francisco State University and San Francisco Art Institute. The 618-bed complex will include a courtyard and garden, as well as a bike storage room with 176 bike parking spaces. Panoramic Interests, a student housing property designer, will be the owner and operator.
"San Francisco has an estimated 80,000 students, but an inventory of only 9,000 beds, creating a significant shortfall. Panoramic Interests is trying to close that gap and, in the process, provide students with better housing options at a lower cost," said Thomas Whitesell, CapitalSource's managing director, construction real estate.
Holland & Knight Partners Susan Booth and Andrew Starrels represented CapitalSource.