Barclays Provides $66M CMBS Loan for San Fran Retail Asset
By Cathy Cunningham November 26, 2019 3:42 pm
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Ashkenazy Acquisition Corporation (AAC) has landed a $66 million refinance of One Stockton Street, a retail asset that borders San Francisco’s Union Square, Commercial Observer has learned.
Barclays provided the 10-year, full-term interest-only CMBS loan in a transaction negotiated by Newmark Knight Frank’s Daniel Fromm, Dustin Stolly, Jordan Roeschlaub and Ryan Flannery.
Previously leased to Apple, One Stockton Street is leased to T-Mobile now and sits at the entryway to the Union Square shopping plaza in Downtown San Francisco. The mobile provider occupies the 17,000-square-foot, three-story property in its entirety.
“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.”
“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.”
A spokesman for Barclays didn’t immediately respond to a request for comment.
