Manna Capital Stacks State Housing Laws for 40-Story, 288-Unit Tower in San Francisco
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. Chicago capital flow has been concentrated in industrial along the I-55 and I-80 corridors and in the most select downtown trophy office submarkets. Multifamily transaction volume has moved up in the Near North and West Loop. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
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On the RET wire
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Chicago-based Manna Capital is wagering that California's density bonus law and SB 330 can turn a 0.2-acre surface parking lot at Eighth and Stevenson streets into a 433-foot residential tower, at a moment when San Fr…
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