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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
