Berkadia recently arranged $70 million in financing for the historic Mills Building in San Francisco, located at 220 Montgomery Street. Senior Managing Director Mitch Thurston and Senior Director Andy Ahlers of the San Francisco office secured the 10-year loan through Voya Investment Management on behalf of The Swig Company.
The full-term, fixed-rate loan features interest-only payments and was used to refinance existing debt on the property.
“It was a pleasure to work with The Swig Company again,” said Thurston. “Once we understood the needs of the assignment, we were able to fully search the life company market and identify the best lender offering the most aggressive combination of economic and non-economic terms.”
The 440,000 square foot landmark building in downtown San Francisco is approximately 95 percent occupied and includes tenants such as the New York Stock Exchange, Pocket Gems, Mazzetti Inc., Seiler LLP, Haworth and the University of California, San Francisco.
“The Mills Building, a strategic long-term investment and also The Swig Company’s headquarters location, required a lender willing to offer management and operational flexibility, as well as outstanding economic terms,” said Ken Perry, CEO of The Swig Company. “Berkadia cleared the market and found numerous life company lenders, and Voya Investment Management was able to provide a complete package of flexibility and terms that met all of our needs.”
“We’ve worked with Berkadia many times in the past on both debt and equity transactions, and rely on their expertise to find lenders that meet our specific needs,” added Tomas Schoenberg, Executive Vice President of The Swig Company. “We are thrilled with this execution and having Voya as a new lender in our portfolio.”