SAN FRANCISCO — Mesa West Capital has provided a $60.8-million first-mortgage loan to finance the fee acquisition of a 142,900-square-foot, mixed-use development in San Francisco. The development is located at 1700 California Street.
The Hill Companies, which owns the property’s leasehold improvements, has acquired the fee interest under the development. The funds will cover the property’s fee acquisition, as well as the existing leasehold mortgage refinance.
The property features 87,852 square feet of office and medical office space, 47 luxury multifamily units and 7,938 square feet of street-level retail, which is anchored by Ruth’s Chris Steak House. The development was built in 1987 and acquired by Hill in 2001. The property’s commercial component is fully leased, while the residential component is 95 percent leased.
Financing was arranged by Ramsey Daya and Chris Moritz of Regency Capital Partners. It was originated by Ronnie Gul of Mesa West.