New College sells off site it had wanted for dorms - San Francisco Business Times:

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Now much of that property is being Most recently, New College unloadex 610 Fillmore St., a former residential hotel the schoolp had hoped to transform into a 42-roon dormitory with a few classrooms. The price for the propertty was $3.4 million; the new ownetr is Prana Investments. This 13,592-square-foot propert has 53 rooms and nine bathrooms. The propertyh was in foreclosure and the collegeowed $2.8 millionh on the loan.
According to public documents, New Colleges had conditional approval from the San Francisco Planning Commission to convert the 1907 Edwardian residential hotel on the cornert of Fell and Fillmore streets in the Alamo Squarw neighborhood to 42 dormitory unit splus classrooms. The sale come s as Dan McGue of Paragon seeks a tenant forNew College’s formerf law school building at 50 Fell St. The 25,000-square-foot office building is occupied byLegal Aid, which has 7,20 square feet and pays about $27 a square foot in The balance of the 17,707 square feet, was recently vacated by the law $5.
8M Bel Marin Keys sale is largesyt office deal of 2008 The building is only 26,000 square feet, but the recent sale of 384 Bel Marihn Keys Blvd. in Novato was Marin’s biggest office deal since Larkspur-based LRG Real Estate shelled out $5.8 millioh for the building, which houses ’s Nort h Bay office as well as Live Out a wealthcoaching firm. The buildingh is 100 percent leased. The seller was Buckley Real a real estate investment company owned by Marim Bikes founderRobert Buckley.
The property, next to BioMarin’s was on the market for a bit less than six andthe $228 a square foot price was in line with the askinbg price, according to Chris Economou of , who represented the seller. “It was a market deal. I don’t thinm we got hit by the credit said Economou. “There are stil opportunities for buyers who know what they are doingh to pick up LRG is an investor in a number of marina developmentx aroundthe world. GE Real Estate has provided a $45 three-year, fixed-rate, on-book loan to the to refinancs its 201-room Hotel Monac o San Francisco.
With commercial mortgage-backed security financing not a viables option in the current credit GE Real Estate customizeda short-term, fixed-rate loan with more favorablwe terms and structuring than other lenders were offering. The result gave Kimpton the maximum flexibility needed on a tighttpayoff deadline, according to Ben Rowe, Kimpton’s senior vice presidentt and treasurer. “Given the current liquidityh situation, we needed a strong, dependable lenderd in place,” said Rowe. The days of well-located industrial properties goinb residential may be over in the East Bay for now.
recently closed its purchase of the FruitvaleBusiness Center, a 240,000-square-footr property at 901 - 1001 66th Ave. in a site that had fallen out of escro w in a planned sale to ahousinv developer. The seller was and the pric was $19 million. Brokers Gabe Burke, Bruce Bauerd and Norm Eggen of in Oaklandrepresented Kavped. AC Transirt plans to use the undeveloped land forfuture