SAN FRANCISCO—Newmark Knight Frank has arranged $36 million in refinancing on behalf of DivcoWest for 180 Townsend, a four-story, 40,917-square-foot office building in San Francisco. The loan was placed with JP Morgan Asset Management and successfully closed amidst the recent capital markets turmoil resulting from the COVID-19 outbreak, while maintaining the same terms as originally set forth.
The asset is currently undergoing renovations to accentuate existing features such as the brick facades, windows and ceiling clear heights as ownership makes upgrades to match the property's superior location and create a class A creative office environment.
Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz of the NKF's Debt & Structured Finance team in the San Francisco office executed the financing on behalf of the owner, DivcoWest, a privately owned, vertically-integrated operating company. Daya and his team remain active, having recently completed another refinancing of nearly $40 million last week, according to a prepared statement.
Located at San Francisco's South of Market neighborhood, the property is in proximity to an abundance of amenities including restaurants, housing and major sports venues such as AT&T Park and the new Chase Center, and presents direct access to municipal public transportation, commuter trains to Silicon Valley and several freeway options. The building is 100% leased to venture capital firm Andreessen Horowitz.
"Given the property's superior infill San Francisco location coupled with the strength of the long-term tenancy, lenders expressed significant interest in the opportunity," says Daya. "JP Morgan Asset Management distinguished themselves from a competitive landscape and executed flawlessly through a tumultuous environment."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
