Wednesday, December 19, 2012

HFF arranges $42.5 million financing for Public Market in San Francisco Bay area



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.  

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. 

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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