SAN FRANCISCO—Buchanan Street Partners financed a $14 million mezzanine loan for 1155 Market St. The downtown San Francisco 11-storybuilding is owned by an entity controlled by Laurus Corp.
“The borrowers have proven expertise and a sound business plan in place, and the San Francisco office market continues to show fundamental improvement,” Mike Hurst, senior director ofat Buchanan Street Partners, said in a statement.
The loan serves two purposes. It will covercosts for the City and County of San Francisco as the government entities lease nine of the floors. The loan will also allow Laurus to make upgrades to the two vacant floors and complete other property upgrades. Previously, the City of San Francisco Public Utilities Commission leased the 140,657-sq.-ft. building.
“Our longstanding relationship with the principals at Laurus gave us a high degree of confidence in the firm’s ability to complete its negotiations with the City and County of San Francisco,” Hurst said.