SAN FRANCISCO, CALIFORNIA (January 20, 2022) – Dan W. Baker, senior vice president, Briana Harney, vice president and Jackie Goldsmith, senior investment analyst in Northmarq’s San Francisco debt/equity office arranged the $20 million refinance of Opera Plaza. Built in 1982, the mixed-use property contains 22,683 sq. ft. of office space, 72,537 sq. ft. of retail space, and 600 subterranean parking spaces, with 450 condo units above (not part of the security). It is located at 601 Van Ness Avenue in San Francisco, California. Designed by famous architect John Carl Warnecke, the complex is based on the idea of an “urban village,” providing residential and commercial space in a high-density urban area, while simultaneously serving as a peaceful oasis to live, work, and shop.
Residents, customers and tenants are within a short walking distance of the War Memorial Opera House, Herbst Theatre, Davis Symphony Hall, Orpheum Theatre, Brooks Hall and the Civic Auditorium. The Civic Center’s government offices and downtown San Francisco and the Financial District are just minutes away. The property is positioned in the center of San Francisco’s cultural center, offering residents a full scope of dining, entertainment and city access.
Retail tenants include: Max’s Opera Café, Peet’s Coffee, and the San Francisco Neighborhood Theater Foundation. Office tenants include: Pacific Union Development Company, Kaiser Occupational Health, The Hand Center of San Francisco, SoCal Edison, San Diego Gas & Electric and Merola Opera Program.
The transaction was structured with 15-year term on a 30-year amortization schedule. Northmarq arranged financing for the borrower through its relationship with a national bank. “By leveraging our relationship with the lender, Northmarq was able to secure a non-recourse, fixed interest rate loan with the last 10 years open at par which was a priority for our client,” said Baker.