SAN FRANCISCO-Cohen Financial has secured a $10 million refinance loan for a mid-rise office building in the South of Market area in San Francisco. The building is located at 665 Third Street and is fully leased to a few dozen tenants.
Paul Schroeder, a managing director in Cohen Financial's San Francisco office, originated the loan. Schroeder secured the fixed rate, seven-year term loan from a union pension fund.
“The SoMa area of San Francisco has seen tremendous growth as high-tech companies have relocated to San Francisco from Silicon Valley,” Schroeder said. “This atypical trend started during the recent economic recovery because many high-tech workers want to live in an urban setting with closer proximity to loft-style apartments, entertainment hot spots and the variety of dining options that San Francisco offers.”
Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, loan administration and advisory services.
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