West Palm Beach, Florida - The Palm Beach Mortgage Company sees that there are some commercial loans happening for various properties. A Commercial Mortgage Lender also has finalized a $60 million Commercial loan for refinancing evaluable Commercial property. This California Commercial Property is located at 555 California Street in the Bay Area, San Francisco.. The Owners of this California Commercial Property will use the funds from the new Commercial Mortgage and also $45 million of existing cash to pay off the current loan and the necessary closing costs.
The Palm Beach Mortgage Company sees this as a three building office complex. The Palm Beach Mortgage Company discovered that this California Commercial Property has an aggregate total of 1.8 million square feet. This is a premier Commercial Property situated in San Francisco’s financial district. Various local Commercial Real estate Developers call this the Bank of America Center. The Vornado Company currently owns approximately 69% controlling interest in this property.
The Commercial Mortgage Lenders were able to get terms of a 10 yea Commercial loan. This new Commercial Mortgage has got an interest rate at 5.10%. The Commercial Mortgage will amortize based on a 30 year schedule. The Commercial Mortgage Lenders were able to get this Commercial Loan to start amortizes beginning in the 4th year.
The Palm Beach Mortgage Company was researching that the Vornado Company had obtained the 69% interest back in 2007 together with a portfolio of Commercial office building. These Commercial Properties are located on both the East and West coasts for $1.8 billion. When the Commercial property Portfolio sold the san Francisco Office building was about 93% net leased. There was a possible net lease coming in with the Florida Car Insurance Company for quotes and life and car insurance.
The Palm Beach Mortgage Company also saw that the Vornado Company executives calculated a value of $575 per square foot for the impressive 555 California Street. In accordance with Vornado’s Company website, approximately 106,743 square feet was accessible in total on six different floors of this California Commercial Property. This is a beautiful San Francisco Property that was designed by Pietro Belluschi and Skidmore, Owings & Merrill and Wurster, Bernardi & Emmons.
The Palm Beach Mortgage Company saw plenty of quality Tenants such as Bank of America; Dodge & Cox; Goldman Sachs; Fenwick & West; Kirkland & Ellis; McKinsey and Co.; Morgan Stanley; Sidley Austin LLP; UBS; and Cox, Castle & Nicholson. The Palm beach Mortgage Company saw on the California net lease properties retail side, there were tenants such as Starbucks Coffee; Bank of America; FedEx; Bay Club; Dress Barn; and Knoll.
The Palm Beach Mortgage Company had quite a bit of experience with this Bay Area. We see San Francisco experienced rent growth of almost 5% with average asking rents rising to $36.89 and $30.25 for class A and class B, respectively. Tenants have lost some negotiating leverage and must act quickly, particularly in the South of Market area.
