The three-year funding covers the $40 million acquisition costas well as a renovation and remodeling of the historic structure at111 Sutter St. The loan is being handled by Cohen Financial, whichis allowing Ellis the opportunity to prepay the LIBOR-based loanupon stabilization.
Ellis Partners, led by Grubb & Ellis founder Hal Ellis, is aregional owner and developer of infill office and industrialproperties in the Bay area. Cohen Financial is a real estateinvestment bank.
The circa 1926 building is getting new electrical systems, aseismic upgrade and renovation of elevator lobbies and cabs, EllisPartners president Hal Ellis tells GlobeSt. The redo will becomplete next June, he said.
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