225 Bush CMBS Loan Liquidates With $139.6MM Loss After Flynn’s $221MM Note Buy of 581,000 SQFT San Francisco Tower
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The twelfth San Francisco story tracked on the wire in November 2026. All San Francisco coverage →
- Disclosed capital deal value tracked in November 2026: $1.6B across 6 reported transactions.
Computed from Real Estate Trail’s own tracked coverage
The $350 million CMBS loan on 225 Bush St., the century-old former Standard Oil headquarters in San Francisco's Financial District, has been fully liquidated with a $139.6 million realized loss that fell entirely on s…
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