Press Release (ePRNews.com) - BEVERLY HILLS, Calif. - Feb 13, 2017 - Sonnenblick-Eichner Company has arranged $14.6 million in first mortgage debt to refinance the 34,563-square-foot office component of 166 Geary Street, a historic 16-story office building overseeing Union Square in Downtown San Francisco.
The property was acquired by Cresta Properties, a Los Angeles-based real estate investment firm, in November of 2015 with plans to reposition it to attract entrepreneurial tenants looking for a Union Square location.
The non-recourse financing originated by a domestic private debt fund, provided for a three-year term with two, one-year extensions. Loan proceeds will be used to replace the maturing acquisition loan and provide for the extensive capital and tenant improvements and leasing commissions associated with repositioning and stabilizing the property.
“The sponsors saw the opportunity to acquire a unique Union Square asset, with tremendous historical charm and presence, that could be repositioned to appeal to creative office users in a very competitive marketplace,” said Sonnenblick-Eichner Principal David Sonnenblick. “We were able to identify a lender offering terms that met the financial goals of our client and close within a 30-day time constraint due to the maturing existing debt,” he added.
While under construction, the steel framed building was one of the few structures to withstand the 1906 earthquake. It was completed in 1907. The building still stands as one of the tallest on Union Square and is situated directly across from the entrance to Neiman Marcus at one of the busiest pedestrian intersections in San Francisco.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (http://www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties. Source :