show all projects

The Bay School

Location

Main Post, Presidio
San Francisco, California

Project

The Bay School
35 Keyes Avenue

Value

$15.7 Million

Completion

July 2005

Architect

Leddy Maytum Stacy Architects

Contractor

Oliver & Company

Owner

35 Keyes Development, LLC

Financing

First Republic Bank –
Construction and Permanent Loan

US Bancorp –
Historic Tax Credit Equity

ECB managed the rehabilitation of the historic building at 35 Keyes Avenue at the Presidio’s Main Post on behalf of the Bay School of San Francisco, a new independent high school.

The 62,000 square foot, $15.7 million renovation included a complete upgrade to the building structure and systems with state of the art class classrooms, labs, public areas and educational support facilities to accommodate the school’s needs.

ECB principals helped structure and secure a creative mix of financing that combines a $6.5 million construction/permanent loan from First Republic, a $2.8 million equity investment from US Bancorp secured by the Historic Tax Credit, $5.6 million from equity investors, and the balance in charitable contributions secured by the Bay School. This innovative financing structure for a new non-profit allowed the school to greatly accelerate its startup schedule, build a constituency of new students and families, and conduct a capital campaign to cover the development costs over time.

As a Bay School Trustee, ECB principal John Clawson, negotiated a long-term master lease of the building with the Presidio Trust.

Construction was completed in July of 2005 in time for the beginning of the academic year.

Fact Sheet
279 KB