SAN FRANCISCO (May 30, 2014) – Jeffrey Weidell, president, and Andrew Slaton, vice president of NorthMarq Capital’s San Francisco based regional office arranged an additional advance to $61 million total funding on the Merchants Exchange Building, a 241,961 sq.ft. multi-tenant office building located at 465 California Street in San Francisco, California. The $13.5 million add on will mature in 11-years along with the existing debt. NorthMarq arranged the advance with the existing lender, Allstate Life Insurance Company, whom NorthMarq represents in the Bay Area.
Built in 1903, the Merchants Exchange Building was one of the few trophy buildings to survive the 1906 Earthquake. In addition to office tenants, the building houses San Francisco’s premier event facility—The Julia Morgan Ballroom, located on the 15th floor.
“For this unique and historically significant asset we were able to work with one of our correspondent life company lenders to negotiate additional funding on top of the existing loan,” explained Weidell. “The sponsor, Clint Reilly Companies, is a skilled operator who has invested greatly in maintaining and modernizing the building and it shows. Moreover, this trophy office building, located in the heart of the San Francisco Financial District, has performed well with rising demand for office space.”