Square Mile Capital Management originated a $77 million loan secured by One Montgomery, an office building in the Financial District submarket of San Francisco, CA.
The loan was made to a joint venture between AEW and REDCO Development, and it includes acquisition proceeds as well as funds for a capital improvement and leasing plan.
The financing was arranged by Brad Zampa and Mike Walker of CBRE’s San Francisco office.
Square Mile Capital Principal Eric Cohen said, “We are delighted to begin a new lending relationship with AEW and REDCO Development, a best-in-class team with an outstanding track record in the broader Bay Area, among other markets. We believe One Montgomery is in ideal hands to be repositioned as a premier creative office asset within one of the country’s predominant office submarkets.”
The property, which has been a Wells Fargo commercial bank branch since 1984, will be optimized for creative office use once the tenant’s lease expires at the end of 2019.
The building features a rooftop deck and garden, marble interiors, and 29-foot ceilings on the main floor. One Montgomery is located one block from BART and MUNI stations.