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| Public Market, San Francisco Bay Area |
SAN FRANCISCO, CA – HFF announced today that it has arranged
$42.5 million in financing for Public Market, a 272,000-square-foot
mixed-use development in the San Francisco Bay area.
Representing a joint-venture between Angelo, Gordon & Co. and City
Center Realty Partners, LLC, HFF secured non-recourse, floating-rate
acquisition financing through Bank of America, with a six-year term at a very
competitive risk-based spread over the 30 Day LIBOR rate.
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| Peter Smyslowski |
The loan also included a one-year extension
option and a future funding component for property renovations, leasing
commissions and tenant improvements.
Located in the East Bay submarket of Emeryville, Public Market consists
of 153,000 square feet of retail space including a 10-screen Regal theater, and
a 119,000 -square-foot, eight-story Class A office tower.
Key retail tenants include Urban Outfitters,
Guitar Center, Peet’s Coffee & Tea, Regal Cinemas and In-Shape Health Club. Office tenants include Random House, Inc.,
Silicon Valley College and Rocket Software, Inc.
The property is situated on 14 acres adjacent to Interstate 80 at
the foot of the San Francisco Bay Bridge.
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| Kevin Redford |
The
HFF team representing the borrower was led by managing director Peter
Smyslowski and director Kevin Redford.
“Public Market is one of the most well-known retail, mixed-use assets in
the East Bay,” said Redford. “It enjoys
an incredibly strong brand name while providing our client with tremendous
upside.”
Angelo, Gordon & Co. is an investment advisor specializing in
alternative investments such as real estate, distressed assets, public-private
partnerships, risk and convertible arbitrage, and private equity.
City Center Realty Partners, LLC specializes in the
development, redevelopment and acquisition of urban real estate; including
retail, office and mixed-use properties.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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