Mesa West Lends $54M on San Francisco Medical Office Buy
By Andrew Coen November 4, 2021 3:19 pm
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Rubicon Point Partners has secured $53.7 million of acquisition financing for its purchase of a medical office building in San Francisco.
Mesa West provided the five-year, floating-rate, first-mortgage loan for Rubicon’s 350 Parnassus, a 77,000-square-foot asset that is immediately adjacent to the 4 million-square-foot University of California San Francisco (UCSF) Medical Center at Parnassus Heights.
Ramey Daya, vice chairman in Newmark’s San Francisco office, arranged the financing, while Mesa West Director Joshua Westerberg spearheaded the transaction out of the 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,” Westerberg said in a statement.
A portion of the loan proceeds from the debt package will be used to pay costs associated with improving the main lobby, tenant spaces, elevators and corridors in the nine-story building. On site‐amenities include a Starbucks, pharmacy and an outdoor seating area with panoramic, unobstructed views of the Golden Gate Bridge and downtown San Francisco.
The property, located at 350 Parnassus Avenue, was 77 percent leased at closing. The UC Regents, the governing body of the University of California college system is the building’s largest tenant with space leased to medical professionals affiliated with UCSF. It also has leases for medical professionals in private practice.
Representatives for Rubicon Point Partners did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
