Asset Gets Funding in Fast-Growing North Waterfront
Significant liquidity is evident in the debt markets, particularly for well-located quality assets such as class-A office, 55 Green, which had multiple groups providing compelling proposals to finance the asset.
SAN FRANCISCO—Demonstrating the appeal of the fast-growing North Waterfront submarket, a five-story class-A office building, 55 Green, has recently been acquired by Brick and Timber Collective. The property has been delivered vacant, affording the buyer the maximum opportunity to reposition the asset.
Built in 1984, the building is situated at the corner of Front and Green streets. 55 Green has unobstructed views of the Bay and includes 17 secured parking spots in its basement garage.
NKF Capital Markets senior managing director Chris Moritz and vice chairman Ramsey Daya of the debt and structured finance team in the San Francisco office executed the approximately $26.2 million in financing on behalf of the buyer. The loan was placed with PCCP LLC.
NKF Capital Markets’ San Francisco investment team of Michael Taquino, Kyle Kovac and Daniel Cressman represented the seller, Triton International, in the transaction. Triton has owned and occupied the asset for more than 20 years.
“Given the quality of the asset and extensive experience of our client in the submarket, the debt markets showed a strong interest in this opportunity. PCCP demonstrated a real understanding of the submarket and all of the drivers of tenant demand,” said Moritz. “55 Green presents a rare opportunity to reposition a high-quality Bay-facing asset in one of the fastest growing submarkets in San Francisco.”
55 Green is within walking distance to many amenities including some of the city’s most popular restaurants and shops in North Beach and Jackson Square. The property is easily accessible, served by multiple modes of transportation including MUNI light rail and bus lines, BART, Golden Gate Transit and the Bay Ferry.
“We continue to see significant liquidity in the debt markets, particularly for well-located quality assets like 55 Green,” Moritz tells GlobeSt.com. “Multiple groups provided compelling proposals to finance the asset, resulting in very favorable terms for our client.”