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6/06/16
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NEWMARK REALTY CAPITAL -- Mark Ritchie, Jeff Wilcox, Charlie Kokernak and Armen Hadjimanoukian with Newmark Realty Capital Inc have arranged $38 mil in permanent financing for 85 Bluxome, a 57k sf, Class A office building in San Francisco’s central SoMa District leased exclusively to Collective Health. The 10-year, interest-only loan was placed with one of Newmark’s CMBS servicing relationships. Completed in early 2016, the building features a 360 degree roof deck and both Delos WELL and LEED Gold certification. The asset is the first of many new developments slated for construction along Bluxome Street, including TMG’s 501 Brannan development.
GEORGE SMITH PARTNERS-- David Rifkind, Matt Turk and Ameet Chagan with George Smith Partners have secured a $20.7 mil, non-recourse bridge loan for the reposition and lease-up of a 58.9k sf, vacant office building in Hollywood. The renovation plan calls for extensive interior and exterior work to reposition this iconic asset from a traditional office use to Class A creative space. The asset was 100% vacant at the time. The new, three-year non-recourse loan, floating at LIBOR+465, was sized to 65% of total capitalization inclusive of capital upgrades and tenant improvements.
IBORROW – iBorrow has provided a $2 mil refi loan on a multi-tenant office/warehouse facility located in Garland, TX, just outside of Dallas. The property is comprised of four buildings, each containing twelve 2k sf units. The property is approximately 95% leased, with 70% of the leases exceeding the terms beyond the maturity of the loan. The borrower, Parkway Kirby Ltd, plans to spend $200k to upgrade the property, sign additional tenants to long-term leases and then transition the property for sale.
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