News release

San Francisco multi-housing lease up financed for $104M

JLL Capital Markets arranged construction take-out financing for the new, Class A apartments 

March 02, 2021

SAN FRANCISCO, March 2, 2021 – JLL Capital Markets announced today that it arranged the $104 million refinance of City Gardens, a recently developed multi-housing property located in San Francisco, California.

JLL worked on behalf of the borrower, Panoramic Interests, to secure the three-year, floating-rate loan through Ready Capital.

City Gardens consists of 200 two-, four- and five-bedroom micro-units, boasting strategic, efficient design. The property totals 152,445 square feet and features fully furnished bedrooms and living areas, expansive windows with beautiful city views, 9’ ceilings and was sustainably built; including high-efficiency lighting and plumbing, laminated heat resistant glass and energy recovery ventilation.

Located at 333 12th St. in the Western Mission/SOMA neighborhood, City Gardens is positioned near many shopping and grocery options, including Costco and Trader Joe’s, and various dining, bars and cafes. Additionally, the property is nestled between two burgeoning areas, including Hayes Valley; a revitalized neighborhood filled with high-end boutiques and vibrant restaurants and watering holes; and the Design District; which features renowned designer and furnishing showrooms.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Charles Halladay and Managing Directors Alex Witt and Jordan Angel, Associate Jonah Aelyon and Analyst Lauren Mezzanotte.

Patrick Kennedy, CEO of Panoramic Interests, says, "Alex Witt, Jordan Angel and the JLL team did an amazing job in a challenging market. We were grateful to have them on our team.”

“Panoramic Interests has built an extraordinary high-density multi-housing building uniquely positioned to capture San Francisco’s renter demand,” says Angel. “The San Francisco JLL Capital Markets team feels fortunate to have been able to partner with the Panoramic Interests team to secure a refinance with Ready Capital, allowing for the lease up of City Gardens. This was a great loan closing with a best in class developer and lender.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Panoramic Interests

Panoramic Interests has been building high-density infill development projects in the Bay Area since 1990. Its work in downtown Berkeley and San Francisco includes 15 projects, adding more than a 1,000 new units of housing, and 100,000 square feet of commercial space.

From 1998-2004, Panoramic built seven new mixed-use apartment buildings in downtown Berkeley, becoming the largest private landlord of UC Berkeley students.  Equity Residential REIT purchased the portfolio in 2007, the largest real estate transaction in Berkeley’s history.

About Ready Capital

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. The company lends on multi-housing and commercial real estate, delivering value-add bridge loans and fixed rate financings for stabilized assets. Ready Capital is a non-bank lender that has originated over $7 billion in commercial real estate loans nationwide. Ready Capital is an approved Freddie Mac Small Balance Loan (“SBL”) lender, an SBA Preferred Lender and provides residential mortgage lending through its wholly-owned subsidiary, GMFS Inc.  Headquartered in New York, New York, the Company employs over 400 lending professionals nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.