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.
Wells Fargo, which occupies two-thirds of the building, will vacate the space by the end of the year. Northwestern Mutual Life, The Haggin Group, Ft. Point Partners and Modem Media all have signed new leases for the space.
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