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2/17/15
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A venture of The Jackson Group, Sun Equity Partners and Concord Real Estate purchased a 46k sf commercial building in San Francisco’s iconic Union Square area. The property is located at 166 Geary St, between Stockton St and Grant Ave.
The acquisition was financed with a $35 mil, 36-month, floating-rate mortgage, provided by a national balance sheet lender. The loan features full-term interest-only payments and is priced at 350 basis points over one-month LIBOR. It was arranged by Shaya Ackerman and Moshe Majeski of Meridian Capital Group, who are both based in the company’s New York City headquarters.
The financing was structured to accommodate the sponsors’ unique business plan to separate the asset into two commercial condos post-closing by pre-allocating $25 mil to one portion of the asset and $10 mil the remainder.
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