Regency Capital Partners

220 and 244 Jackson Street (“Kokkari Building”)


220 and 244 Jackson Street (“Kokkari Building”)

Summary

Regency Capital Partners (“RCP”) arranged the recapitalization for this 52,185 SF, 3 and 4-story, Class A mixed-use property located in the Jackson Square neighborhood of San Francisco. The property consists of two restaurants, including nationally acclaimed Kokkari, on the ground level along with fully-leased Class A office on the upper floors. The property’s cash flow did not support the take-out of the existing financing while an on-going lawsuit with an unrelated bank deemed the borrower “unbankable” by most lenders. Nonetheless, RCP was able to arrange a high leverage first mortgage financing along with a built-in mezzanine loan to take out the existing full recourse first mortgage along with very expensive preferred equity that was sweeping all of the borrower’s cash flow. After the financing the Borrower’s cash flow more than tripled and he was able to fix in a competitive interest rate for the next 5 years.


Transaction Details

LOAN AMOUNT $18,750,000
FINANCING TYPE Permanent
LENDER TYPE CMBS Lender
PROPERTY TYPE Office
PROPERTY ADDRESS
Map
220 and 244 Jackson Street
San Francisco, CA
PROPERTY DESCRIPTION The property is a 52,185 SF, 3 and 4-story, Class A mixed-use property located in the Jackson Square neighborhood of San Francisco.