JPMorgan Chase has provided a $98 million acquisition loan on a 303,250 sq ft trophy office building in the business district of San Francisco, California.
The bank provided the 10-year fixed rate loan on the 25-story building at 180 Montgomery Street to a subsidiary of the Saudi investment firm Sidra Capital, which purchased the Class A property between Bush and Sutter streets from SPUS6 180 Montgomery LLC, according to public records.
“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,” said Brad Zampa, executive vice president at CBRE Capital Markets, which arranged the deal.
The building is 100 percent leased, including to long-term tenant Bank of the West, and was built in 1979.
Other recent activity from JPMorgan Chase included a securitization launched earlier this month with a subsidiary of Deutsche Bank, the $892.8 million JPMDB Commercial Mortgage Securities Trust 2016-C2, backed by 30 fixed-rate loans on 79 properties. Last month JP Morgan also recruited Alexander Storton from rival Bank of America Merrill Lynch to amplify its European real estate debt capacities, as Real Estate Capital first reported.
JPMorgan Chase had $1.7 trillion assets under management at the end of the first quarter 2016.