A $58 million loan was recently originated to refinance Old Oakland, a collection of 10 historic creative office and retail properties in downtown Oakland. Madison Realty Capital sourced the transaction directly with the borrower.

The properties span two full city blocks totaling 238,305 square feet across buildings ranging two to four stories. The properties are well leased consisting of leading tenants including Chicago Title, Starbucks, Sweetgreen, Laurene Powell Jobs’ Emerson Collective, and the headquarters of Blue Bottle Coffee and ThredUp.

The property is home to the country’s oldest running open-air farmer’s market and hosts a seasonal ice rink and pop-up shops. The portfolio also includes two parking lots that can be further developed into residential, retail, office or hotel uses.

“Downtown Oakland offers a unique combination of historic buildings with buildouts designed for creative and entrepreneurial tenants,” says Josh Zegen, managing principal and co-founder of Madison Realty Capital. “Madison Realty Capital is pleased to leverage our relationship with the property owner to efficiently deliver financing in an accelerated timeframe for a high-quality portfolio of commercial properties in a high barrier-to-entry submarket.”