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SAN FRANCISCO — George Smith Partners has secured $45 million in bridge refinancing for the 131-room San Francisco Proper Hotel in the city’s Mid-Market neighborhood. The flatiron building is located at 1100 Market St. at the triangle of McAllister, Market and Seventh streets.
The new bridge loan will allow the borrower, Kor Group, to focus on its operations and further establish the property as a luxury lifestyle hotel in San Francisco. The funds will replace an existing construction loan and mezzanine facility, providing cost savings and flexibility for Kor.
Malcolm Davies, Evan Kinne, Zack Streit, Rachael Lewis, Alexander Rossinsky and Minjoo Kim of George Smith Partners arranged the financing.