US real estate firm Madison Capital and Taconic Capital Advisors have provided $40m (鈧�37m) in financing to Ridge Capital Investors for the acquisition of 180 Howard Street in San Francisco鈥檚 South Financial District.
Last month, the State Bar of California announced that it to Ridge Capital for $54m, an asset the State Bar acquired in 1998 for $22.5m. Ridge Capital said it acquired the 13-storey, 211,000sqft office building at .
Jonathan Nachmani, managing director at Madison Capital, said: 鈥淲e鈥檙e thrilled to work with Taconic on this opportunity. As property values begin to adjust in the Bay Area, we believe it鈥檚 an opportune time to invest across the capital stack.
鈥淥ur team remains focused on identifying transit-oriented assets with strong cash flows, and dynamic locations that can draw and retain San Francisco鈥檚 creative, and talented workforce.鈥�
Andrew Lam, commercial real estate director at global investment firm Taconic Capital Advisors, said: 鈥淭his financing reinforces the pragmatic, relative-value mindset we have towards private real estate lending.
鈥淒espite economic challenges that the City of San Francisco is grappling with, 180 Howard Street鈥檚 strong credit metrics coupled with a sound, fully-capitalised business plan made our position in the capitalisation very compelling.
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