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CMA
April 22, 2016  

Deutsche to Write SF Mall Loan, Plans CMBS

Deutsche Bank has agreed to write a $560 million fixed-rate loan on a high-end mall in downtown San Francisco.

The long-term mortgage will be backed by the 1.5 million-square-foot Westfield San Francisco Centre, a nine-story “vertical mall” near Union Square. Deutsche plans to securitize the loan in a stand-alone offering in the coming weeks.

The mall is owned by a 50/50 joint venture, between Sydney-based Westfield and Forest City Realty of Cleveland, that developed it in 2006. The property incorporates a historic building that from 1896 to 1995 housed the flagship store of the Emporium department-store chain.

Anchored by Bloomingdale’s and Nordstrom, the center also has a nine-screen Century Theatres cinema and an upscale grocer, International Gourmet Marketplace. There are some 200 inline stores. Portions of the top three floors are leased as office space.

Last year, the Westfield team retired a $120 million mortgage on the mall that was originated in 2005 by Goldman Sachs and securitized in two transactions. It’s unclear whether there is existing debt that will be replaced by the Deutsche loan.

Westfield San Francisco Centre is at 865 Market Street, between Fourth and Fifth Streets. It extends through the block to Mission Street. It has a beaux-arts facade and a 102-foot-wide, steel-and-glass dome over a rotunda, both preserved from the original Emporium building — which was one of the few structures to survive San Francisco’s 1906 earthquake.