|
|
2/14/17
|
Cresta Properties recently obtained $14.6 mil in refi money for the 34.6k sf office component of 166 Geary Street, a historic 16-story office building overlooking Union Square in Downtown San Francisco. Cresta, based out of Los Angeles, acquired the asset in November of 2015 with plans to reposition it to attract entrepreneurial tenants looking for a Union Square location.
The non-recourse financing was arranged by Sonnenblick-Eichner Company and funded by a domestic private debt fund. The financing provided for a three-year term with two, one-year extensions. Loan proceeds will be used to replace the maturing acquisition loan and provide for the extensive capital and tenant improvements and leasing commissions associated with repositioning and stabilizing the property.
While under construction, the steel framed building was one of the few structures to withstand the 1906 earthquake. It was completed in 1907. The building still stands as one of the tallest on Union Square and is situated directly across from the entrance to Neiman Marcus at one of the busiest pedestrian intersections in San Francisco.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
