Voya Investment Management has provided $70 million in financing to The Swig Company to refinance the Mills Building offices in San Francisco, located at 220 Montgomery Street.
The 10-year, fixed-rate loan features interest-only payments and was used to refinance existing debt on the property, according to Berkadia, which arranged the deal.
The 440,000 sq ft landmark building in downtown San Francisco is approximately 95 percent occupied by tenants including the New York Stock Exchange, accountants Seiler LLP, furniture company Haworth, the University of California, San Francisco, as well as The Swig Company.
“Once we understood the needs of the assignment, we were able to fully search the life company market and identify the best lender offering the most aggressive combination of economic and non-economic terms,” said Berkadia senior managing director Mitch Thurston, who arranged the deal with senior director Andy Ahlers.
Ken Perry, CEO of The Swig Company, echoed that sentiment, noting that “Berkadia cleared the market and found numerous life company lenders, and Voya Investment Management was able to provide a complete package of flexibility and terms that met all of our needs.”
In June, The Swig Company secured a $75m loan from John Hancock to refinance 501 Second Street, a seven-story office property in San Francisco’s SOMA (South of Market Street) submarket. That loan, also 10-year and fixed-rate, was arranged by HFF.
The company’s portfolio includes almost nine million sq ft in markets such as New York, San Francisco and Southern California.