Newmark has arranged a $125 million, fixed-rate loan to refinance 111 Maiden Lane and 201 Post Street in San Francisco. The properties are home to the West Coast flagships of several of the world’s most iconic luxury brands such as Hermès, Yves Saint Laurent, Cartier and Fendi.
The two properties, situated at the intersection of Post Street and Grant Street, are considered the heart of Union Square’s high-street retail district. The beaux-arts buildings, built in 1908 and 1909, also contain approximately 100,000 square feet of some of San Francisco’s most sought after creative office and server as headquarter locations for award-winning advertising firm Venables Bell and famed interior designer Orlando Diaz-Azcuy.
Newmark’s Ramsey Daya and Jonathan Soffer secured the fixed-rate loan on behalf of a high net worth family office through PGIM Real Estate Finance. Also involved were senior managing director Chris Moritz and Director Travis Bailey.
“We are thrilled to get to work on this incredibly special asset yet again,” said Daya, who arranged the previous financing for the assets in 2005. “This is Union Square’s most iconic block and the reception from the lending community reflected that. We were able to achieve a long-term, fixed-rate financing at just over 4 percent, an excellent result for a retail property in today’s interest rate environment.”
The sponsor’s track record as a premier high-street retail operator, along with the phenomenal location, helped Newmark attract global capital to compete on this opportunity, with several German and Asian lenders providing extremely compelling proposals.
“Ultimately PGIM separated itself from the pack with competitive terms and a high-level of certainty and service that the sponsorship valued,” added Daya.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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