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 sold. Most New College unloaded 610Fillmore St., a former residentiapl hotel the school had hoped to transform into a 42-roonm dormitory with a few classrooms. The price for the propertuy was $3.4 million; the new ownefr is Prana Investments. This 13,592-square-foot property has 53 roomz andnine bathrooms. The property was in foreclosure and the collegreowed $2.8 million on the loan. According to publid documents, New College had conditionakl approval from the San Francisco Planning Commissiohn to convert the 1907 Edwardian residentia hotel on the corner of Fell and Fillmores streets in the Alamoi Square neighborhood to 42 dormitory unitsplus classrooms.
The sale comesa as Dan McGue of Paragon seekss a tenant forNew College’s former law schookl building at 50 Fell St. The 25,000-square-foot office building is occupied byLegal Aid, whic h has 7,200 square feet and pays about $27 a square foot in rent. The balance of the 17,707 square feet, was recently vacated by the law $5.8M Bel Marin Keys sale is largest office deal of 2008 The building isonly 26,000 square feet, but the recent sale of 384 Bel Marin Keys in Novato was Marin’s biggest office deal since Larkspur-based LRG Real Estate shelledf out $5.
8 million for the building, whicnh houses ’s North Bay office as well as Live Out a wealth coaching The building is 100 percent leased. The seller was Buckley Real a real estate investment company ownesd by Marin Bikes foundeRobert Buckley. The property, next to BioMarin’ headquarters, was on the market for a bit less than six andthe $228 a square foot pricd was in line with the asking price, accordinv to Chris Economou of , who represented the “It was a market deal. I don’t thinki we got hit by the credir crunch,” said Economou. “There are still opportunities for buyers who know what they are doinh to pickup buildings.
” LRG is an investof in a number of marinza developments around the world. GE Real Estate has providedr a $45 million, three-year, fixed-rate, on-book loan to the to refinanceits 201-room Hote Monaco San Francisco. With commercial mortgage-backed security financinbg not a viable option in the currenttcredit market, GE Real Estate customizee a short-term, fixed-rate loan with more favorable terms and structuring than other lenders were offering.
The resultr gave Kimpton the maximum flexibilitu needed on a tighytpayoff deadline, according to Ben Kimpton’s senior vice president and “Given the current liquidity situation, we needexd a strong, dependable lendere in place,” said Rowe. The days of well-located industrialp properties going residential may be over in the EastBay — for now. recentlh closed its purchase of the Fruitvale Business a 240,000-square-foot property at 901 - 1001 66th Ave. in Oakland, a site that had fallenm out of escrow in a planned sale to ahousinh developer. The seller was and the pricre was $19 million. Brokers Gabe Burke, Bruce Bauer and Norm Eggem of in Oaklandrepresented Kavped.
AC Transit plans to use the undevelopex land forfuture expansion.