HFF Announces $145M Construction Financing for Renovation and Expansion of 633 Folsom in San Francisco
April 12 2018 - 3:17PM
Business Wire
HFF announces $145 million in construction financing for 633
Folsom, a seven-story, 171,632-square-foot office building in the
SOMA submarket of San Francisco, California.
The HFF team worked on behalf of the borrower, The Swig Company
LLC, to secure the construction loan through a domestic bank. Loan
proceeds will be used to complete a full building renovation and
expansion, which will add five floors and transform the property
into a 12-story, 266,053-square-foot, Class A office building.
Originally built in 1967 by The Swig Company, 633 Folsom has
been fully leased for the past 20 years, most recently to
California Pacific Medical Center. The renovation and expansion
project is scheduled to commence in the Summer of 2018 and
construction of the new five-story addition will increase the
rentable area by over 94,000 square feet and raise the height of
the building from 92 feet to approximately 165 feet.
The HFF debt placement team representing the borrower consisted
of senior managing director Bruce Ganong and analyst Bercut
Smith.
“The planned repositioning and expansion of 633 Folsom coincides
with a shift in leasing patterns from traditional tenants seeking
5,000 to 10,000 square feet to large users establishing new
headquarters or satellite campus locations in the San Francisco
CBD,” said Ganong. “It will be exciting to watch The Swig Company
execute its plan to transform 633 Folsom into a Class A
building.”
Holliday GP Corp. ("HFF") is a real estate broker licensed with
the California Department of Real Estate, License Number
01385740.
About The Swig Company
The Swig Company, LLC is a privately-owned, San
Francisco-based real estate operator with an 80 year history of
investment, development, partnership and management of commercial
real estate properties in major US markets. Founded by Benjamin H.
Swig in 1936, The Swig Company is guided by a long-term investment
perspective that has proven adept at stewarding investors safely
through multiple market cycles. The company’s vertically-integrated
operational platform, which includes investment, asset and property
management, and leasing expertise, uses flexibility, generational
thinking and sensitivity to sustainable practices to stay at the
forefront of emerging trends in the commercial real estate
industry. For more information, visit: www.swigco.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets
services to the global commercial real estate industry. HFF,
together with its affiliates, offers clients a fully integrated
capital markets platform, including debt placement, investment
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF). For more information please visit
hfflp.com or follow HFF on Twitter @HFF.
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version on businesswire.com: https://www.businesswire.com/news/home/20180412006217/en/
HFFBruce Ganong, (415) 276-6300CA Lic.
#01332792HFF Senior Managing Directorbganong@hfflp.comorKristen
Murphy, (617) 338-0990HFF Director, Public
Relationskrmurphy@hfflp.com
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