San Francisco Business Times
From the article:
A Minneapolis investment company has bought a “significant minority stake” in Lennar Urban’s $7 billion redevelopment of the Hunters Point Shipyard and Candlestick Point.
The details of the investment were not made public.
In addition, the 750-acre redevelopment project has received “millions of dollars” from the San Francisco Bay Area Regional Center, a U.S. government-approved entity involved with the federal EB-5 program, an government investor program that allows wealthy immigrants to invest $500,000 in an American business in exchange for temporary residency status.
Lennar and its partners also are in discussions with domestic and international banks that recently have inquired about opportunities with the project.
“As we have said all along, this public/private partnership is exciting because San Francisco needs housing and it needs jobs. Investors understand that the time is right for this project,’’ said Lennar Urban President Kofi Bonner.
The announcement comes two days after Lennar Urban started construction on the first 88 townhouses at the Hunters Point Shipyard. The units will be part of the Hilltop phase of the development, which will total 1,400 homes. Construction will be completed on 247 market-rate and affordable homes by the end of 2014.