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CITYVIEW CLOSES ON FIRST APARTMENT PROJECT IN ITS NEW BAY AREA APARTMENT FUND

Friday, February 03, 2012 / CityView

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SAN FRANCISCO, CA — CityView, a real estate advisory firm founded by former HUD Secretary Henry Cisneros, has just closed on its first asset from the Bay Area Fund—a new $300 million fund that will be used to invest in new multi-family housing communities in the Bay Area region. The Class A mixed use asset, called Potrero Launch, is located in the Mission Bay area of San Francisco’s waterfront and is slated to be completed in the third quarter of 2012 with 196 rental apartment units and 28,000 of office and retail space.

 

“There is a critical shortage of quality rental properties in the Bay Area.” said Cisneros, Executive Chairman of CityView. “For those who cannot afford the high cost of owning a home in the region, it is imperative that they have access to high quality multi-family housing. It has always been CityView’s mission to provide housing in urban areas across the country and we’re excited about adding Potrero Launch to our portfolio as we expand our mission into the Bay Area.” The company is also the investor of South City Lights, a South San Francisco project that recently won the ULI Terwilliger Center award for workforce housing project of the year.

 

Tony Cardoza, formerly of Real Estate Capital Partners, has been named as Managing Director of the Bay Area Fund and David Martin, formerly the Founder, Chairman & CEO of The Martin Group (TMG Partners), and Vice Chairman of CityView is Chairman of the Fund’s Investment Committee. Cardoza and Martin have extensive experience in the Bay Area and collectively have worked on a number of notable projects, such as One Market, 1000 Van Ness, Hamilton Field, EmeryBay, and Downtown Pleasant Hill.

 

 “We are excited to be investing our capital in this new fund in quality housing projects throughout the Bay Area”, added David Martin. “Patrick McNerney, principal of Martin Building Company and the developer of Potrero Launch, has a long history of building high quality projects in the City and is someone we look forward to having a long term relationship with.”

 

“We are extremely pleased with how seamlessly and efficiently the Potrero Launch transaction proceeded with CityView.” said McNerney. “This was a complex transaction that took place over a condensed timeframe, so working in tandem with a knowledgeable and professional partner like CityView made it possible for everyone involved to achieve their goals. I look forward to working with CityView on other opportunities in the Bay Area.”

 

“I am excited to join CityView and believe Potrero Launch is a great initial investment for the fund,” said Cardoza. “We’ve raised a significant amount of capital for an area we think is very promising for new construction in the multi-family sector and we intend to continue to seek similar urban, infill development opportunities with strong partners.”

 

“We recognize that the United States is a metropolitan nation. Seventy-five percent of the nation’s GDP is generated in just the largest 100 metropolitan areas—places like the Bay Area,” said Cisneros. “This region is a focus for our equity dollars because of several factors—it’s one of the focal points of the nation’s business and professional services, its artistic and cultural opportunities, its transportation, its educational and scientific talents, and its foreign trade activities. The area is a big draw for people, jobs, and the capital necessary to justify large-scale investments in housing. We certainly hope that more housing options will help ease the high cost of rental housing for Bay Area residents.”

 

 

About CityView

Headquartered in Los Angeles with offices in New York, San Francisco, Dallas and San Antonio, CityView is one of the nation's premier institutional investment firms focused on urban real estate. CityView was founded in 2000 by Henry Cisneros, Secretary of the U.S. Department of Housing and Urban Development in President Clinton's Administration, with the mission of providing “Smart Capital for Smart Growth”. To date, CityView has financed projects in 30 markets across 13 states. For more information, visit www.cityview.com

 

About Martin Building Company

Founded in 1989 and located on the edge of San Francisco’s South of Market District, Martin Building Company is a multi-disciplinary design and development firm. Renowned for its commitment to quality design, historic preservation and neighborhood-oriented urban infill development, Martin Building Company strives to craft an intriguing blend of contemporary design and civic spirit into all of its projects. A full-service firm with special expertise in historic preservation, its expanding portfolio consists of a wide range of new construction and renovations in diverse buildings and sites. Martin Building Company’s credentials include single-family residential, multi-unit residential, commercial office buildings, restaurants, multi-building urban developments, adaptive reuse projects, and historic renovations. For more information, visit www.martinbuilding.com.

 



Published by : Christine
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