350 Parnassus is Well Positioned Amid Limited Blocks of Contiguous Space

Mesa West Capital recently provided Rubicon Point Partners with a $53.7 million first mortgage loan for its recent acquisition of 350 Parnassus, a 77,000-square-foot medical office building in San Francisco. Built in 1968, 350 Parnassus is adjacent to the 4-million-square-foot University of California San Francisco Medical Center at Parnassus Heights, UCSF’s original and largest campus.

UC Regents, the governing body of the University of California college system, is the largest tenant in 350 Parnassus. The remaining tenancy is leased to medical professionals in private practice. The property was 77 percent leased at closing.

San Francisco is a tight medical office market with the majority of the inventory owned by major healthcare providers in the market, according to Joshua Westerberg, Mesa West director who led the origination team out of the private lender’s San Francisco office.

“With limited blocks of privately owned contiguous space, 350 Parnassus is well positioned as the first choice for medical professionals looking to be near the medical center or expand its footprint in the market,” he said.

A portion of the loan proceeds from the five-year, floating rate loan will be used to pay for improvements.

The financing was arranged by Ramey Daya in Newmark’s San Francisco office.