Carmel Partners borrows $57M from Wells Fargo Bank for residential property in Financial District

Carmel Partners through the entity Cp Iv 15 Cliff, LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $57.0 million for 3 condominium units including the tax class R5 and containing 156 residential units at 15 Cliff Street in the Financial District. The deal closed on October 24, 2019 and was recorded on October 31, 2019. The Real Deal reported in 2018 that Brookfield Property Partners had acquired 15 Cliff Street as part of a larger portfolio purchase, but no transfer has been recorded and Carmel executive Dennis Markus signed the new loan.

The average loan per unit is $365,385.
The last time the property sold was January 9, 2014, for $95,000,000.

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Direct link to the city’s interactive property map, ZOLA. link

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