Merchant Exchange Building
$37,500,000 Perm Loan
240,000 SF Office Building
San Francisco, CA
A 240,000 SF historic office building built in 1904; includes ground floor retail and the luxurious Julia Morgan Ballroom event facility
A $37.5 MM, 20-year, fixed-rate permanent loan, including 8 years of interest only, then amortized over 30 years. The 60% LTV loan allowed the payoff of a higher-rate loan, the consolidation of various debt, funds for tenant improvements and leasing commissions for vacant space, and some cash out. It also provided for additional funds to be borrowed on first mortgage terms in increments of $5 million, subject to LTV and DSC constraints.