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Wednesday, 15 February 2017

Sonnenblick-Eichner Arranges Loan Against San Francisco Office

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Sonnenblick-Eichner Co. has arranged a $14.6 million loan against an historic office building at 166 Geary St. in downtown San Francisco.

The loan from Prime Finance Partners has a three-year term and can be extended by up to two additional years.

Cresta Properties, a Beverly Hills, Calif.,b investor, had purchased the 34,563-square-foot property in 2015 for $17 million, or about $492/sf. The latest loan pays off a $10 million mortgage from Bank of America, and will be used to fund a redevelopment of the property into creative office space.

The property, across the street from Union Square, dates back to 1906 and was one of the few structures to survive San Francisco's earthquake that year. The building's ground-floor retail component is separately owned and is occupied by Jimmy Choo, a high-end shoe store.

Comments? E-mail Jenny Robinson or call him at (267) 247-0112, Ext. 208.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: San Francisco
  • States: California
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $10 million and $25 million
  • Private: No
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Dan Moynihan

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