Presidio Bay, Bridges Capital take former SF Fed building via deed-in-lieu
The venture bought the loan secured by 301 Battery St. on July 1 and later converted it to ownership, Connect CRE reports.
At a glance
Connect CRE reports Presidio Bay will reposition the building.
In Deloitte's survey, 46% of Deloitte's survey respondents expected no sales and nearly 80% planned repositioning.
Presidio Bay and Bridges Capital have taken title to 301 Battery St., the circa-1924 former Federal Reserve Bank of San Francisco building, through a deed-in-lieu transaction, Connect CRE reported Oct. 7.
Connect CRE reports Presidio Bay will reposition the building. The transfer follows the pair's July 1 purchase of the loan secured by the property.
In Deloitte's survey, 46% of Deloitte's survey respondents expected no sales and nearly 80% planned repositioning. A deed-in-lieu transfers the asset to the debt holder without a foreclosure sale.
The same market has underwritten long-lease office cash flow for duration and is still waiting on a mark.
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