May 19, 2016
CBRE Capital Markets’ debt and structured finance team secured a $98 million loan for the acquisition of 180 Montgomery Street. The 25-story, 303,250-square-foot fully-stabilized Class A office building is located in San Francisco’s Central Business District.
Los Angeles-based CBRE arranged the 10-year, non-recourse, fixed-rate, permanent financing at a competitive rate with full-term interest only. The financing was provided by J.P. Morgan. CBRE’s Brad Zampa, Michael Walker and Megan Woodring arranged the financing on behalf of the borrower, Sidra Montgomery, LLC. The reported seller was Los Angeles-based CBRE Global Investors.
Zampa says, “Given the recent volatility in the capital markets, we were pleasantly surprised by how aggressively life companies, and U.S. and foreign banks pursued the asset, offering both fixed- and floating-rate options.”