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10/11/21
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Here are financing briefs for two deals worth almost $300 mil arranged by JLL Capital Market and George Smith Partners. One of the transactions is for a refi on a Class A office building in San Francisco, while the other is for construction money and partner equity on a residential development in Hayward.
633 Folsom, San Francisco |
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In the larger deal, Bruce Ganong, Lillian Roos and Spencer Bergthold with JLL Capital Markets have arranged a $190 mil refi loan on 633 Folsom St, a fully leased, 271k sf, Class A office building in the SOMA submarket of San Francisco. Originally developed in 1967, 633 Folsom St underwent a significant renovation and expansion completed in 2021 that added five new floors, all new building systems, exterior façade and an outdoor plaza.
The property is now the new home and corporate headquarters location for Asana, a cloud-based application for workplace management and team collaboration. 633 Folsom St is located in the heart of the SOMA submarket offering quick access to local public transportation and Interstates 80 and 280. Additionally, the property is surrounded by many dining, entertainment and retail amenities throughout San Francisco’s financial district.
The seven-year, fixed-rate loan was funded through Bank of China, on behalf of the borrower, The Swig Company.
Hayward residential project |
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In the other transaction, Gary E. Mozer, Ed Steffelin and Evan Kinne with George Smith Partners placed a $105 mil, non-recourse construction loan and $17.12 mil of limited partner equity for a for-sale residential project in Hayward. The project will be built in phases and will have 123 townhomes and 66 condominiums, providing much needed workforce housing to the area. The project will also have some affordable units for sale.
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