HFF Secures $385M to Refinance San Francisco Genesis Towers

HFF secured $384.8 million to refinance Genesis North and South Towers, two office and life science buildings totaling 717,883 square feet in South San Francisco.

The debt placement team representing the borrower included HFF Senior Managing Director Tim Wright, Managing Director Todd Sugimoto, Senior Director Zack Holderman and Senior Associate Olga Walsh. The team represented borrower Phase 3 Real Estate Partners, San Diego.

Phase 3 received a $199.8 million three-year life company loan for the recently completed Genesis North Tower. They also secured a $185 million five-year floating-rate loan through a national commercial bank for the fully stabilized Genesis South Tower.

Genesis North and South Towers are located at One and Two Tower Place, adjacent to Highway 101 in south San Francisco’s life science hub. The location is less than 10 minutes from San Francisco International Airport.

Due for completion in 2018, Genesis North Tower is a 21-story, 390,000-square-foot life science building. Genesis South Tower delivered in 2016 with 12 stories of laboratory and office space.

Elsewhere in southern California, HFF Senior Managing Director Aldon Cole secured $8 million in acquisition financing for Redhawk Medical Center, a 32,500-square-foot multi-tenant medical office building in Temecula.

A commercial bank supplied a seven-year non-recourse floating-rate loan to borrower Cypress West Partners, Rancho Santa Margarita, Calif.

Redhawk Medical Center occupies 2.5 acres on George Cushman Court in Temecula, equidistant between San Diego and Orange County. Vantage Oncology anchors the two-story building, which dates to 2003. Other tenants include California Imaging and Diagnosis, San Diego Fertility Center, New Point Wellness and Crescent Healthcare.