Bridgeton Holdings secured an acquistion loan from Lstar Capital for its $62 million purchase of a San Francisco office tower. Mission Capital arranged the financing.
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Bridgeton Holdings Snags $45M Loan for San
Fran Office Buy
New York-based Bridgeton Holdings has secured an acquisition loan from LStar Capital for its $62 million purchase of a San Francisco office tower,
Francisco and St.Louis.
The borrower was looking for a finance package that kept it free of defeasance or yield maintenance that would have resulted
Finance has learned.
in a prepayment penalty, Mr.Hirt said in the release. A financing deal had to close within
Mission Capital arranged $45 million in
non-recourse debt for the purchase of 995
Market Street in the mid-market section of Frisco. The debt brokerage declined to pro vide terms of the 10-year loan, as well as the identity of the lender.
The 15-story property is anchored by a WeWork, and features a CVS/pharma cy in the ground-floor retail section of the
"The building will be a long-term asset for us,as we continue to amass strategic prop erties in transitioning markets that have improving neighborhood dynamics and strong supply and demand fundamentals," Atit Jariwala, the chief executive officer of Bridgeton Holdings,said in a Mission Capital press release.
Jordan Ray,Ari Hirt, Steven Buchwald and Alex Draganiuk of Mission Capital arranged the loan on behalf of Bridgeton Holdings, which also has offices in San
50 days, because the sale was done as a 1031
"Through a strong marketing effort, we were able to secure an extremely competitive offer from a lender that recognized the asset's long-term value,"he said in astatement."We ultimately closed the loan within the 50-day window, while fulfilling the terms that the borrower needed."
Seattle-based Columbia PacificAdvisors and San Francisco-based Long Market Property Partners put the property, also known as the David Hewes Building, on the market in October 2015,according to The Registry, a Bay Area real estate publication. The expected $60 million sales price for the structurewasa major boost from theS16 mil lion the partnership paid for the property in
2013, the paper noted.
A representative from!.Star Capital did not return a request for comment.
– Terence Cullen