Posted Dec 19, 2017, 7:39 PM
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Registered User
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Join Date: Jul 2011
Location: San Francisco
Posts: 613
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Financing has been secured for the project:
Quote:
Related California and Deutsche Bank Announce $458.5MM Construction Financing for 1500 Mission Street in San Francisco
San Francisco, CA – December 19, 2017 – Related California and Deutsche Bank today announced they’ve closed on California’s largest-ever construction financing with tax-exempt bonds, totaling $316.8 million, to finance construction costs for its new development at 1500 Mission Street. The tax-exempt bonds will be purchased by Deutsche Bank (NYSE: DB), as will the balance of the financing, $141.7 million of variable rate demand notes. Closing construction financing is critical to ensuring progress continues and the timeline stays on track.
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Demolition began at the site in November, 2017 and the City and County of San Francisco and Related California are expected to celebrate a formal groundbreaking at 1500 Mission Street in early 2018. Construction is expected to last 28 months, with the grand opening expected in May, 2020.
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