Capital One has provided a $150 million loan to an affiliate of Jack Resnick & Sons to refinance a 417,000 sq ft Class A office building at 215 Fremont Street in San Francisco’s South of Market District (SoMa).
The three-year, interest-only loan replaces the New York firm’s $141.4 million loan that was securitized through LB-UBS Commercial Mortgage Trust 2006-C4 and set to mature this May.
“Capital One provided competitive pricing and a flexible structure while committing to fully underwrite our loan request,” said Steve Rotter, CFO of Jack Resnick & Sons, in a prepared statement.
The Singer & Bassuk Organzation arranged the financing on behalf of the Resnicks.
Charles Schwab Corporation leases the entire building through June 2024, according to Moody’s. The property was originally constructed in 1928 and completely renovated for adaptive re-use in 2000.
In recent years, the SoMa area has seen a dramatic revival as a hub for software and technology companies. AirBnb, Dropbox, Foursquare, Pinterest, Uber, and Yelp have all located their headquarters in this neighborhood.
Capital One has $334 billion in total assets as of December 31, 2015.
Jack Resnick & Sons owns and manages over six million sq ft of commercial office and retail space and has developed thousands of luxury residences. Its commercial office portfolio consists of five million sq ft in Midtown and Downtown Manhattan and an additional 1.2 million sq ft nationwide.
The lender and borrower declined to comment further than the prepared statement.