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NYSTRS Provides $232.05M Refinance Loan For 654,834 SF Office Building In San Francisco

Property Image
FINANCED
$232,050,000

California

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Office654,834 SF
Financed 12/08/2023
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Property Image
FINANCED

NYSTRS Provides $232.05M Refinance Loan For 654,834 SF Office Building In San Francisco

300 Mission Street

See Similar Deals
Office654,834 SF
Financed 12/08/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$354
Total Square Footage:654,834 SF
Transaction Type:Loan

The New York State Teachers' Retirement System has provided $232.05 million in mortgage financing for the 654,834-square-foot office building located at 300 Mission St. in San Francisco. The loan enabled the Paramount Group-led venture to refinance a previous mortgage of $273 million, providing financial flexibility with a maturity date in October 2026.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $232,050,000
  • Date: 12/08/2023
  • Address: 300 Mission Street
  • Market: San Francisco

The lender for this transaction is NYSTRS (New York State Teachers' Retirement System), represented by Thomas K. Lee. The landlord is Paramount Group, represented by Steve Griessel.

Players

Paramount Group
Paramount Group
LENDER
NYSTRS | New York State Teachers' Retirement System
NYSTRS | New York State Teachers' Retirement System
LENDER
Paramount Group
Paramount Group
LANDLORD

Details

FINANCED
IMAGE: Thomas K. Lee & Steve Griessel DATE: 12/08/2023 ADDRESS: 300 Mission Street MARKET: San Francisco ASSET TYPE: Office ~ SF: 654,834 LENDER: NYSTRS | New York State Teachers' Retirement System - Thomas K. Lee LANDLORD: Paramount Group - Steve Griessel LOAN AMOUNT: $232,050,000 LOAN TYPE: Refinance NOTE: The New York State Teachers' Retirement System has supplied $232.05 million in mortgage financing for the 654,834-square-foot office building at 300 Mission St. in San Francisco. The loan, with a 4.5 percent fixed coupon, enabled the Paramount Group-led venture to retire a previous $273 million mortgage, securing financial flexibility with a maturity in October 2026.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$232,050,000.00

Monthly NOI$1,547,000.00
Monthly Debt Service$1,466,713.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00