December 2, 2019
SAN FRANCISCO (Dec. 2, 2019) – Maximus Real Estate Partners announced that it has recapitalized San Francisco’s Parkmerced, the largest private residential property in Northern California, and cleared the way for financing Phase 1 of its long term revitalization project.
Maximus was founded in 2012 by Rob Rosania and Seth Mallen, and is the one of the leading multifamily investment and development companies in the San Francisco Bay Area. Rosania acquired his interest in Parkmerced in 2005; thereafter, he and his local team negotiated a development agreement with the City of San Francisco and began repositioning the property to become a model of sustainable urban living.
With a loan package of $1.775 billion from Barclays, Citi and Aimco, Maximus has successfully refinanced Parkmerced, the 152-acre property located near the Pacific Ocean in the nation’s hottest real estate market, for which Rosania and his team secured new entitlements in 2011. Maximus had previously bought out Fortress Investment Group and refinanced Parkmerced in 2014.
The recapitalization enables Maximus to initiate Phase 1 of its planned revitalization of Parkmerced (approximately 2,000 new apartments), with the intention to secure construction financing in early 2020, and break ground later next year. Maximus was advised by Pat Hanlon at Ackman Ziff and Adam Spies and Douglas Harmon of Cushman & Wakefield.
With San Francisco’s booming employment market – the city boasts the nation’s highest year-over-year job growth – and deepening housing shortage, the new development comes at a critical time.
“We will now be able to build nearly 2,000 new homes in the next few years – a huge delivery of new housing at a time when San Francisco desperately needs it,” Rosania said.
This is the first phase of an award-winning long term master plan that will transform Parkmerced into San Francisco’s next iconic neighborhood. The fully developed property will include nearly 10,000 homes; 80,000 square feet of office; 230,000 square feet of retail; a new elementary school; and 64,000 square feet of amenities.
The re-envisioned Parkmerced will feature a cutting-edge design, vastly improved mass transportation, and an emphasis on sustainability, making it the only carbon-neutral neighborhood in the world.
PJ Johnston Communications