499 Jackson Street
San Francisco, CA
June 12, 2023
Permanent Loan Retires Acquisition Debt for Jackson Square Brick and Timber Building; Life Company Loan Reflects Sponsorship Quality, Location Relevance, and Asset Performance
San Francisco, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $8.2 million of permanent financing for a brick and timber office building located at 499 Jackson St in the heart of San Francisco’s Jackson Square Historic District. The 18,000-square-foot, five-story building with basement features a rooftop deck offering panoramic views of the Transamerica Pyramid and City skyline. Street-level retail is occupied by Postscript, a high-end gourmet food, wine, and coffee roastery, and the office space is anchored by Artis Ventures, a San Francisco-based venture capital firm.
Gantry’s Tom Dao, Principal, Erinn Cooke, Senior Associate, and Nan Carlevarini, Closing Director, represented the borrower, a private investor. The 30-year amortizing, fixed-rate loan was provided by one of Gantry’s correspondent life company lenders with an attractive rate and potential for future additional funding.
According to Gantry’s Tom Dao, “Every real estate asset has a different story, and Gantry specializes in telling that story to the right lender from our roster of more than 100 unique capital sources. This approach allows us to tailor loans to best meet sponsor investment goals. Office properties, especially for the major MSA/CBDs and larger footprint high rises, are perhaps the most challenged assets in today’s financing markets due to major shifts in workstyle. This asset was able to tell a different story. Strong sponsorship, professional management, seismic upgrades, historic performance, current occupancy, and location relevancy allowed us optimize financing for 499 Jackson with one of our top life company lending sources, positioning the asset for stable ownership in the decades to come.”