Los Angeles, CA (November 4, 2021) – Mesa West Capital has provided Rubicon Point Partners with a $53.7 million first mortgage loan for its recent acquisition of 350 Parnassus, a 77,000-square-foot medical office building in San Francisco.
Built in 1968, 350 Parnassus is immediately adjacent to the four-million-square-foot University of California San Francisco (“UCSF”) Medical Center at Parnassus Heights, UCSF’s original and largest campus. UCSF is one of the word’s preeminent medical and life science universities and the Parnassus campus provides hospital care, regenerative medicine research and houses the schools of Medicine, Dentistry, Nursing and Pharmacy. UCSF is one of the world’s preeminent medical and life science universities.
The UC Regents, the governing body of the University of California college system is the largest tenant in 350 Parnassus, leasing space for medical professionals affiliated with the Medical Center. The remaining tenancy is leased to medical professionals in private practice. The property was 77 percent leased at closing.
San Francisco is a tight medical office market with the majority of the inventory owned by major healthcare providers in the market, according to Mesa West Director Joshua Westerberg who led the origination team out of the private lender’s San Francisco office.
“With limited blocks of privately owned contiguous space, 350 Parnassus is well positioned as the first choice for medical professionals looking to be near the Medical Center or expand its footprint in the market,” he said.
A portion of the loan proceeds from the five-year, floating rate loan will be used to pay costs associated with improving the main lobby, tenant spaces, elevators and corridors and other common areas of the nine-story building.
On site‐amenities include a Starbucks and Pharmacy along with an outdoor seating area offering panoramic, unobstructed views of the Golden Gate Bridge and Downtown San Francisco.
The financing was arranged by Ramey Daya, Vice Chairman in Newmark’s San Francisco office.
About Mesa West Capital, LLC
Mesa West Capital is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Mesa West’s lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 300 transactions totaling over $20 billion.