New York, NY (December 2, 2019) — Newmark Knight Frank has arranged a $66 million fixed-rate loan for the refinancing of One Stockton Street, an iconic asset at the entryway to San Francisco’s Union Square that is 100 percent leased to T-Mobile. NKF arranged the 10-year, full-term interest-only loan from Barclays to refinance existing debt on the property on behalf of property owner Ashkenazy Acquisition Corporation (AAC).
The NKF team was led by Daniel Fromm, Senior Managing Director, along with Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of Debt & Structured Finance and Ryan Flannery, Analyst.
“One Stockton is an irreplaceable location,” Fromm said. “This financing is a testament to Ashkenazy Acquisition Corp’s ability to identify and lease iconic assets across the country.”Located at the tri-corner intersection of Market Street, Stockton Street, and Ellis Street in downtown San Francisco, One Stockton sits in the heart of one of the most famous shopping districts in the world. The property serves as a flagship location for T-Mobile, which occupies the entirety of the 17,000-square-foot property across three floors.
“AAC would like to thank Daniel Fromm and the entire Newmark Knight Frank team for managing an excellent process start to finish,” said Daniel Levy, President of AAC. “This transaction validates that financing is available for well-located iconic retail properties.”
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management.
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About Ashkenazy Acquisition Corporation
Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on the acquisition, development, asset management and marketing of retail, hotel and office assets. Ashkenazy Acquisition’s portfolio boasts over 15 million square feet of retail, hospitality, office and residential properties, located throughout the United States, Canada and England. With a portfolio containing more than 100 buildings valued at approximately $12 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets worldwide. Ashkenazy Acquisition is comprised of an experienced team of in-house, seasoned professionals, with deep experience in acquisitions, finance, construction, leasing, development and marketing. The integrated team of real estate professionals offers exceptional expertise at all levels of the transaction and subsequent management.