Newmark (“Newmark”) announced it has arranged $36 million in refinancing on behalf of DivcoWest for 180 Townsend, a four-story, 40,917-square-foot office building in San Francisco, CA. The asset is currently undergoing renovations to accentuate existing features such as the brick facades, windows and ceiling clear heights as ownership makes upgrades to match the property’s superior location and create a Class A creative office environment.
Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz of the Newmark’s Debt & Structured Finance team in the San Francisco office executed the financing on behalf of the owner, DivcoWest, a privately owned, vertically-integrated operating company. The loan was placed with JP Morgan Asset Management and successfully closed amidst the recent capital markets turmoil resulting from the COVID-19 outbreak, while maintaining the same terms as originally set forth. Daya and his team remain active, having recently completed another refinancing of nearly $40 million last week.
Located at San Francisco’s South of Market (“SOMA”) neighborhood, the property is in proximity to an abundance of amenities including restaurants, housing and major sports venues such as AT&T Park and the new Chase Center, and presents direct access to municipal public transportation, commuter trains to Silicon Valley and several freeway options. The building is 100% leased to venture capital firm Andreessen Horowitz.
“Given the property’s superior infill San Francisco location coupled with the strength of the long-term tenancy, lenders expressed significant interest in the opportunity,” said Daya. “JP Morgan Asset Management distinguished themselves from a competitive landscape and executed flawlessly through a tumultuous environment.”
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 18,000 professionals operate from approximately 480 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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