SAN FRANCISCO, CA - CBRE’s Mike Walker, Jesse Weber, Andrew Behrens and Brad Zampa on the Debt and Structured Financing team in San Francisco secured the five-year loan from a life company.
“We secured one of the lowest loan spreads we’ve seen in the past year on this financing. This is a tribute to the compelling real estate and relationship opportunity with Hines,” said Walker. “The property’s location, with close proximity to the Daly City BART Station, is easily accessible to top employers in both San Francisco and the inner Peninsula. With great demographics and strong market fundamentals, the property is well positioned for future rent growth.”
Built in 2011, 88 Hillside features 95 units across five buildings, totaling 109,318 sq. ft. The community has large one-, two- and three-bedroom floor plans. Amenities include in-unit laundry, private balconies, smart home technology and outdoor community spaces. The property is currently 96% leased and includes 14,679 sq. ft. of retail space.
The property is a short walk to Daly City BART and a five-minute drive to I-280, offering connections to San Francisco, the East Bay and inner Peninsula. It is also within 10 miles from leading employers in artificial intelligence, technology, finance and biotech.
Multifamily rents on the San Francisco Peninsula had the highest growth quarter-over-quarter. In Q3 2024, North San Mateo County rent grew nearly 5% which was the highest in the Bay Area, according to CBRE Research. The multifamily vacancy rate in North San Mateo County was 2.6% in Q3 2024, below the Bay Area’s 4.6% average.
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