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SAN FRANCISCO-SPI Holdings has refinanced its class A retail center in the South of Market area here to the tune of $50 million. Built in 1991, the 148,832-sf center at Ninth and Brannan is fully leased to seven tenants, including Bed Bath & Beyond, Nordstrom Rack, Trader Joe’s and Pier 1 Imports.

Holliday Fenoglio Fowler LP arranged the 10-year, interest-only, fixed-rate, securitized loan through Greenwich Capital Markets. HFF senior managing director Paul Brindley says the refinancing allowed the borrower to “pull out some proceeds” and “lock in a long-term rate that is very attractive as long-term owners.” Citing client request, Birndley declined to reveal the interest rate or the loan-to-value ratio, and could not recall the amount of the loan that SPI paid off with the new loan.

SPI is a locally based private real estate investor and developer with an office in Dallas. The company owns a diversified 4 million-sf portfolio it describes as “institutional quality.”

In June, SPI sold a two-building 340,000-sf office complex in the city’s Financial District (550 California St. and 635 Sacramento St.) to Wells Fargo Bank for $110 million. Wells Fargo leases about half the space in the complex, which is located near its headquarters at 420 Montgomery St. SPI acquired the building in 2001 for $106 million.

In April, SPI acquired the Hayward Bridge Business Park in Hayward, CA, from Prudential Insurance Co. for $14 million. At the time of the transaction, the seven-building property was 100% leased.

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