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12/03/19
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M31 Capital has purchased a five-story, 10.4k sf building at 620 Commercial St in San Francisco’s Financial District. Although we don’t have the actual purchase price, the acquisition was financed with a $6.55 mil bridge loan sized to 70% of the total cost, including an interest reserve, funds for tenant improvements, and leasing commissions.
The property is an historic, architecturally significant mixed-use building that consists of retail and office space on the ground floor, along with four additional floors of office space and a storage basement. With current leases as much as 90% below market, the buyer plans to create significant value through improvements as these leases end. M31 will renovate each floor upon vacancy and re-tenant a majority of the floors with companies that have preleased the space.
The financing was arranged by Mitch Paskover and Delaney Crawford at Continental Partners on behalf of M31, a private equity real estate firm. The loan is priced at 30-day LIBOR + 350 with no prepayment penalty.
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