San Francisco Office Tower Lands $190M Refi
- Oct 31, 2019
Vanbarton Group has taken a $190 million refinancing package for 100 Montgomery, an approximately 433,000-square-foot office tower in San Francisco. MetLife Investment Management’s Michael Coen originated the seven-year, fixed-rate mortgage, which retired $158 million in acquisition financing from the same lender. Vanbarton purchased the asset from EQ Office for $277 million in 2016, according to Yardi Matrix.
Located within San Francisco’s North Financial District, the office building is near multiple public transportation options including the Montgomery BART station. The asset is also close to Interstate 80, which enables access to the San Francisco International Airport and the wider Bay Area.
Constructed in 1955 and substantially renovated in 2009, the 25-story tower occupies less than 1 acre and has floor plates between 12,000 and 20,000 square feet. The tower is LEED Platinum certified and is fully leased to a mix of more than 30 tenants, including the Department of Homeland Security and The OutCast Agency, Yardi Matrix data shows. In addition to the office component, the property has 9,200 square feet of ground-floor retail space.
Earlier in October, MetLife provided a $125 million loan to refinance a 683,767-square-foot office property in Long Island. The mortgage paid down a $110 million loan from The Blackstone Group.