Owner San Diego Historic Properties VII LLC has borrowed the money from Financial Institutional Partners Mortgage Co. LP. Gary Goss, of the capital markets division of Burnham Real Estate Services, arranged the financing.
Located at 5th Avenue and G Street in Downtown San Diego's Gaslamp Quarter, the Old City Hall building dates back to 1874. Built in the Florentine Italiante style, the facility features 12-foot windows, 16-foot ceilings and a cage elevator constructed of wrought iron. San Diego's entire city government moved into the building in 1900 and continued to run the city from this location until 1935. The facility now houses Jimmy Love's restaurant, a day spa, live/work units and offices.
The Old City Hall transaction is yet another example of the trend among building owners today. Many are looking to refinance their properties, given the low interest rates currently being offered.
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