The three-year funding covers the $40 million acquisition cost as well as a renovation and remodeling of the historic structure at 111 Sutter St. The loan is being handled by Cohen Financial, which is allowing Ellis the opportunity to prepay the LIBOR-based loan upon stabilization.
Ellis Partners, led by Grubb & Ellis founder Hal Ellis, is a regional owner and developer of infill office and industrial properties in the Bay area. Cohen Financial is a real estate investment bank.
The circa 1926 building is getting new electrical systems, a seismic upgrade and renovation of elevator lobbies and cabs, Ellis Partners president Hal Ellis tells GlobeSt. The redo will be complete next June, he said.
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