Wells Fargo has placed a $350 million construction loan backing a 43-story office tower set to rise next to the multibillion-dollar Transbay Transit Center in San Francisco, California.
The lender placed a 10-year loan on the Park Tower at Transbay, a gleaming 605-foot building that carries an estimated $700 million price tag, according to data from Real Capital Analytics that was gleaned from public documents. It was not clear if Wells, which did not respond to requests for comment in time for publication, is the sole lender.
MetLife announced in October that it had formed a joint venture with the developers to build the 743,000 sq ft, Class A office tower, becoming the lead equity contributor and securing a majority interest. The trio broke ground the following month.
Located at Howard and Beale streets, the building is just one component of Transbay Transit Center, a $4.5 billion residential, commercial and transportation redevelopment project, which sits three blocks from San Francisco Bay.
In addition to 743,000 sq ft of office space, the tower will feature a three-story lobby and 14 sky decks with outdoor space. Its completion is expected for June 2018, as is the rest of Transbay Transit Center. More than 4,400 residential units, 200,000 sq ft of retail and nine acres of parks are planned within the immediate vicinity.