SAN FRANCISCO—San Francisco skyline landmark, 345 California Center, has secured $150 million in refinancing. Cornerstone Advisers on behalf of MassMutual provided the loan to an affiliated entity of Chicago-based Metropolis Investment Holdings Inc.
The 48-story building totals 600,000 square feet and is located in San Francisco's financial district. It is easily accessible from the area's public transportation and near major roadways connecting it to the greater Bay Area.
Metropolis owns and manages 345 California Center, as part of its 6 million square feet portfolio of iconic high-rise office buildings.
According to a recent research report on the San Francisco office market from brokerage firm Marcus & Millichap, local, regional and national banks continue to compete to provide funding for office property acquisitions in most markets. According to William Hughes, SVP of Marcus & Millichap Capital Corp., “terms of five and seven years are common, with leverage reaching as high as 70% for top-caliber assets with solid sponsorship. Interest rates range from approximately 4% to 5%, depending on length of loan and the property's risk profile. Life companies are also active lenders for the acquisition of larger assets in major markets, while credit unions selectively pursue opportunities to provide transaction funding.”
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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.
