Development Financing for UCSF Building 19A Project
May 27, 2009
Earlier this month, Edgemoor Real Estate Services, and its partner McCarthy Cook & Co. closed a pre-development line of credit for the New Neurosciences Building 19A project on the University of California San Francisco’s (UCSF) Mission Bay Campus. The line of credit was provided by City National Bank and will fund architecture and engineering costs until construction begins later this year.
The Neurosciences building will be delivered under a public-private partnership arrangement with UCSF. Edgemoor / McCarthy Cook Partners, L.P. will enter a lease-leaseback arrangement with UCSF whereby Edgemoor / McCarthy Cook Partners, L.P. will deliver the building for a fixed price, schedule, and lease rate, and then operate and maintain the facility for 30 years. At the end of the lease term, the building’s ownership will transfer back to UCSF.