Northmarq arranges $20.9M refinance for San Francisco office property

SAN FRANCISCO — Northmarq’s San Francisco-based Debt + Equity team, led by Dennis Williams and Briana DeHaan, secured $20.9 million in financing for a 84,500-square-foot medical office property located at 3838 California St. in San Francisco.

Northmarq arranged the refinance on behalf of the borrower, SKS Partners, through a correspondent relationship with a life insurance company. The transaction was structured on a three-year fixed-rate term.

“This is an important medical office asset in the community,” said DeHaan. “The lender offered short-term fixed-rate financing, enabling the borrower to lock in an attractive interest rate and remove rate risk for the near term.”

Originally built in 1973 and renovated in 2016, 3838 California is an institutional-grade medical office building located in the highly desirable Presidio Heights neighborhood. The property features a diverse mix of tenants across multiple specialties, including anchor tenant Sutter Health, as well as California Pacific Orthopaedics & Sports Medicine and UCSF Benioff Children’s Physicians.