Capital One Finances 731 Market Street Buy
Damian Ghigliotty March 13, 2015, 3:32 p.m.
Capital One Bank closed a $32.5 million loan to a subsidiary of Atlanta-based Jamestown Properties for the purchase of a six-story office building in San Francisco’s South of Market district, Mortgage Observer has first learned.
Jamestown, a national real estate investment and management company with $7.7 billion of assets under management, bought the building at 731 Market Street from Connecticut-based Harvest Properties and Atlanta-based Invesco Real Estate, as previously reported. The asset was acquired for $65 million in mid-January.
The term loan made out to Jamestown Premier 731 Market LP, closed on March 5, according to a spokesperson for Capital One. Specific terms of the deal were not disclosed.
“We are pleased to continue our longstanding relationship with Jamestown as they make strategic purchases in key markets,” said Paul Kesicki, senior vice president for the bank’s commercial real estate group. “This is another example of Jamestown’s focus on high-quality properties in top-tier markets.”
The 92,000-square-foot office property was constructed in 1908, just two blocks from San Francisco’s Union Square. The building’s previous owners recently renovated the office space to serve creative services and technology companies with open-floor plans, high ceilings and exposed-brick walls. A CVS Pharmacy occupies the building’s ground floor through a long-term lease.
Over the past three years, Capital One has closed financing deals with Jamestown for properties located in New York, Washington, and Massachusetts, among other locations, according to the lender.