San Francisco, CA (May 24, 2019) — ASB Real Estate Investments (ASB) announced today the $100 million financing of its Class A office building at 795 Folsom St. in the heart of San Francisco’s SOMA district, a favored location for the city’s expanding tech industry.
ASB obtained the five-year, fixed-rate loan from Capital One at a 3.478% interest rate. The loan was secured on behalf of ASB’s Allegiance Real Estate Fund, a core investment vehicle, as part of investment firm’s strategy to take advantage of favorable interest rates.
Aaron Duncan, ASB’s Senior Vice President for the West Coast Region, said, “The Capital One loan is well-timed to lock in attractive financing on a strong, income-producing core asset.”
Located at the corner of 4th and Folsom Streets adjacent to the Moscone Center and a future Central Subway station, the six-story, 189,000-square-foot office building was built in 1977 and acquired by ASB in 2013. The building features high ceilings and distinctive interior features valued by creative office tenants.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $8.0 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing and the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles. For more information about the company, visit www.asbrealestate.com.