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$13M Refinances Webster Street Retail

SAN FRANCISCO-The new loan pays off an previous loan that was bond financed.

By Brian K. Miller | Updated on January 07, 2008

SAN FRANCISCO-A 54,616-sf retail and office development along Webster Street here has been refinanced with a $13.5-million financing from Countrywide Commercial, according to NorthMarq Capital, which sourced the loan. The borrower is an affiliate of W Capital Partners ironworks LLC of New York.

The retail center is 85% leased. Major tenants of the center include Gambro Healthcare and Blockbuster Video.

The financing was based on a 10-year term with a 35-year amortization schedule. The loan to appraised value was approximately 65%, according to Dennis Williams, the SVP and senior director with NorthMarq who sourced the loan.

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