This Week's Bay Area Deal Sheet
Paramount Group Inc. modified and extended their mortgage at One Market Plaza, the two-building, 1.6M SF office space in the heart of the Embarcadero.
The loan balance was reduced to $850M after a $125M down payment made by Paramount Group and their joint venture partner. The new loan has a fixed rate of 4.08% and matures in February 2027.
The previous loan had a $975M balance and was scheduled to mature on Feb. 6.
One Market Plaza is a mixed-use space, with retail, restaurants and office space.
PEOPLE
Peter Horn will join BH Properties as their new managing director of acquisitions, as the company opens a new regional office in San Francisco. Horn was previously at Soma Capital Partners, where he served as partner and head of investments.
SALES
Virtú Investments acquired a 50-unit multifamily property in Oakland valued at $10.6M. The property was sold by Rio Properties.
CONSTRUCTION AND DEVELOPMENT
San Ramon government officials rezoned several sites in Sunset Development Co.’s Bishop Ranch community, a large development that includes the 92-acre Chevron Park campus, to create mixed-use, pedestrian-friendly neighborhoods that will have a mix of retail, residential and recreational spaces.
FINANCING
JLL arranged $51.1M in construction financing for a 50-unit luxury condo development in Danville, California. The development will feature one-, two- and three-bedroom units with shared amenities like a fitness center and lounge.
THIS AND THAT
UCSF Health signed an agreement to acquire two San Francisco hospitals: Saint Francis Memorial Hospital and St. Mary’s Medical Center. The university hopes to close the transaction this spring, and both hospitals will retain their current staff and structures.
