PCCP, LLC PROVIDES $26.2 MILLION SENIOR LOAN FOR THE ACQUISITION AND RENOVATION OF 55 GREEN STREET, A FIVE-STORY OFFICE PROPERTY IN SAN FRANCISCO
San Francisco, CA, May 7, 2018– PCCP, LLC announced today that it has provided a $26.2 million senior loan to Brick & Timber Collective for the acquisition and leasing of 55 Green Street, located at the intersection of San Francisco’s North Waterfront and Jackson Square neighborhoods. 55 Green is an approximately 45,000-square-foot, five-story office building featuring attractive views of the San Francisco Bay and downtown skyline, and on-site subterranean parking.
For the past 20 years the property has been an owner-occupied building, going-forward Brick & Timber Collective has the ability to reposition the property into creative office space and pursue lease-up.
“Altogether, the loan presented the opportunity to finance the acquisition and repositioning of well-located, high quality real estate as well as start a new relationship with a local operator that has demonstrated success within the Jackson Square submarket,” said Dorian Farhang, vice president with PCCP.
The property benefits from proximity to all of San Francisco’s transportation options, including the San Francisco Bay Ferry at the Ferry Building. The North Waterfront / Jackson Square area includes a diverse tenant base including professional services, architecture and design firms, large retail companies, media and advertising firms, and an increasing presence of technology and venture capital firms.