J.P. Morgan Provides $600M CMBS Refi on San Fran Towers Leased to Uber

By Mack Burke : commercialobserver – excerpt

The two towers are leased to Uber and are part of a larger mixed-use site around the $1.4 billion Chase Center, the new arena of the NBA’s Golden State Warriors

A sponsorship group led by Uber and the NBA’s Golden State Warriors has secured $600 million in commercial mortgage-backed securities (CMBS) debt that was originated by J.P. Morgan Chase in order to refinance the new Chase Center Towers in San Francisco’s Mission Bay neighborhood, according to ratings agency analysis of the transaction…

The Golden State Warriors — under the ownership entity GSW Sports, led by the team’s majority owner, chairman and CEO Joe Lacob — and Uber Technologies each have 45 percent interests in the joint venture, while Pasadena, Calif.-based real estate investment trust Alexandria Real Estate Equities owns a tenth of the partnership. The group was formed in March 2018…. (more)

Looks like we were right about the business plans of tech companies. They were gathering cash to invest in real estate, planning to lay off workers as soon as they were no longer needed.

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