The transaction involved the sale of a note/loan for the property located at 123 Mission Street, San Francisco, characterized by its total sale price of $90,000,000. The asset entails a substantial size of 360,000 square feet, resulting in a price per square foot of $250. This asset was previously subject to a significant financial transaction, originally purchased by Juul Labs for nearly $400 million in 2019.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $90,000,000
• Address: 123 Mission Street
• Market: San Francisco
• Square Footage: 360,000
• Price Per Square Foot: $250
• Buyer: Cathy Marcus - PGIM
• Buyer: Jonathan Nachmani - Madison Capital
• Seller: Affinius Capital
• Brokers: Steven Golubchik, Darren Hollak & Ramsey Daya - Newmark

This transaction was facilitated by brokers Steven Golubchik, Darren Hollak, and Ramsey Daya from Newmark, who played a critical role in the process. Madison Capital and PGIM's acquisition of the debt reflects the property’s challenges, as evidenced by its largely vacant status due to Juul's downsizing and exit from San Francisco during the pandemic, with plans to pursue control of the asset through a deed-in-lieu of foreclosure.