$50 million of joint-venture equity and $132 million of bridge debt financing
A four-building, 597,000 square foot office portfolio / California State Automobile Association
San Francisco, CA
HRC arranged $50 million of joint-venture equity and $132 million of bridge debt financing for the acquisition and $45 million renovation and repositioning of the four-building office portfolio. Despite the volatile capital market environment, HRC was able to leverage their existing debt and equity relationships to close an exceptionally complicated deal in a timely manner. The debt is a 70% non-recourse bridge loan that will fund improvements and leasing on a pro rata basis with the equity. Additionally, the loan was structured without syndication as a requirement of close.