SAN FRANCISCO and LOS ANGELES–The Hill Companies, which owns the leasehold improvements at 1700 California Street, San Francisco, has acquired the fee interest under the 142,900-square-foot mixed-use development.
Los Angeles-based Mesa West Capital provided a $60.8 million first mortgage loan to finance the fee acquisition of the property and refinance the existing leasehold mortgage. A portion of the loan proceeds will be used to refinance the existing leasehold mortgage on the 10-story building, which was acquired by the Hill Companies in 2001.
Built in 1987, the building includes 87,852 square feet of office/medical office space, 47 luxury multifamily units and 7,938 square-feet of street level retail anchored by Ruth's Chris Steak House. The building also has a 205-stall subterranean garage. The commercial and residential components of the property are 100% and 96% occupied, respectively.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
