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.


Located at San Francisco's South of Market neighborhood, theproperty is in proximity to an abundance of amenities includingrestaurants, housing and major sports venues such as AT&T Parkand the new Chase Center, and presents direct access to municipalpublic transportation, commuter trains to Silicon Valley andseveral freeway options. The building is 100% leased to venturecapital firm Andreessen Horowitz.


"Given the property's superior infill San Francisco locationcoupled with the strength of the long-term tenancy, lendersexpressed significant interest in the opportunity," says Daya. "JPMorgan Asset Management distinguished themselves from a competitivelandscape and executed flawlessly through a tumultuousenvironment."

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Natalie Dolce

Natalie Dolce, editor-in-chief of and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses, 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 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 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,, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including and Museums New York magazine.