Erik Nygaard Of Axonic Capital Provides $50M Refinance Loan To The Clint Reilly Organization
465 California Street
$50,000,000
$204/SF
Building Size
245,000 SF
Asset Type
Office
Closing
Mar 24, 2026
AI
The Merchants Exchange Building, a 16-story landmark office property located at 465 California Street in the San Francisco Financial District, has a total asset size of 245,000 square feet. The property is currently 80% leased and has undergone refinancing with a loan amount of $50,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $50,000,000
- Loan Type: Refinance
- Loan Terms: three-year, floating-rate
- Lender: Erik Nygaard - Axonic Capital
- Landlord: The Clint Reilly Organization
Erik Nygaard, representing Axonic Capital, provided a senior loan to support The Clint Reilly Organization in stabilizing leasing momentum for the historic building as part of a broader recovery in the San Francisco office market.
Players
San Francisco Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93