Regions West | San Francisco
$43M Financing Wraps Up for San Fran Office Property
June 3, 2008

A financing package valued at approximately $43 million has been put in place for the 140,000-square-foot Rialto Building in downtown San Francisco, Calif. Borrower Bomel Co. relied on the assistance of Holliday Fenoglio Fowler L.P. to orchestrate the transaction, which produced a loan from GE Real Estate. The borrower's reason for seeking the financing was multifaceted; the funds will be used to retire existing debt, pay off an unsecured note, finance tenant improvements and to return equity to borrowers upon stabilization of the property, which the company has designated for a long-term hold period. Carrying the address of 116 New Montgomery St., the Rialto was originally developed in 1902 and is presently 88 percent occupied. Many of the current leases, however, are scheduled to expire within the next six months to three years, thereby producing a value-add opportunity for the owner through the raising of rents to market rates.

 
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