SAN FRANCISCO—Newmark Knight Frank has arranged $36 million inrefinancing on behalf of DivcoWest for 180 Townsend, a four-story,40,917-square-foot office building in San Francisco. The loan wasplaced with JP Morgan Asset Management and successfully closedamidst the recent capital markets turmoil resulting from theCOVID-19 outbreak, while maintaining the same terms as originallyset forth.
The asset is currently undergoing renovations to accentuateexisting features such as the brick facades, windows and ceilingclear heights as ownership makes upgrades to match the property'ssuperior location and create a class A creative officeenvironment.
Vice Chairman Ramsey Daya and Senior Managing Director ChrisMoritz of the NKF's Debt & Structured Finance team in the SanFrancisco office executed the financing on behalf of the owner,DivcoWest, a privately owned, vertically-integrated operatingcompany. Daya and his team remain active, having recently completedanother refinancing of nearly $40 million last week, according to aprepared statement.
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