HFF secures $18.25M financing for One Beach Street in San Francisco

SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured $18.25 million in financing for One Beach Street, (top right photo) a 97,614-square-foot, three-story office building in San Francisco, California.

Working on behalf of The Swig Company and Angelo Gordon & Company, HFF managing director Bruce Ganong placed a 65% loan to value, non-recourse bridge loan with John Benson of Washington Mutual.

The financing was secured to recapitalize Swig’s all-cash purchase of the historical office building earlier in 2008. The loan closing coincided with the formation of the joint venture between Swig and Angelo Gordon.

Built in the 1920s, One Beach is located across The Embarcadero from Pier 39 in the North Waterfront submarket of San Francisco.

The property is currently 100% leased and has views of San Francisco’s waterfront and some of the city’s most famous landmarks including Coit Tower, Fisherman’s Wharf, Alcatraz and the Golden Gate Bridge.

(Middle right photo: Rincon Park and Cupid's Span with the San Francisco skyline and The Embarcadero in the background.)

“Closing this financing in such a turbulent market is a testament to the quality of the asset and the sponsorship behind the transaction.

"Credit for the closing is also deserved by Washington Mutual and its team, which displayed a high degree of professional integrity at a time when there was a lot of uncertainty in the capital markets,” said Ganong.

The Swig Company’s San Francisco Bay Area portfolio includes 15 buildings totaling more than 3.5 million square feet and a market value in excess of $1.2 billion.

Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages, with its affiliates, approximately $20 billion.

CONTACTS:

Bruce Ganong, HFF Managing Director, 415 276 6940, bganon@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com