We got an email today from Maven Investments touting what is believed to be San Francisco's largest TIC to date: 17 units at 1229 Francisco Street. For more, see Socketsite's take on the project here.
The building was sold last June 2005 for just under $7M, or an average of just under 410K per unit, presumably to the current developers. That gave them fourteen months or so to move out any remaining tenants- non of them Ellis-Acted, apparently- and pull the building into shape. On the market in early September. The financing seems to be in place:
Bank of Marin will be offering individual financing at below current market rates for TICs (6.95% fixed for 5 years, then 5 years adjustable, interest only, one point). This is a better rate than any individually financed TIC in town. B o Marin will offer 75% LTV and I will carry back an additional 5%, so 20% down is required. Which is a good thing, since a TIC this large is considered a commercial rather than residential loan. No word on how/when it will become a condo. The lottery's overloaded now, and the building will have to be fully occupied for three years before it's even eligible to enter. Maybe a stock cooperative at some point down the road?
[Department of Amplification & Correction: We goofed. Many (many!) of you emailed us to point out that TICs over six units will never become condos, that's they'll always be TICs, forever and ever. Thanks!]
· Maven Investments Maven Investments "Recent Transactions"]
· The Francisco palms [Socketsite]