Swig Company Lands $38MM Prime Finance Loan for 300,000 SQFT 350 California in San Francisco as Occupancy Nears 45%
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 76th San Francisco story tracked on the wire in November 2026. All San Francisco coverage →
- Disclosed capital deal value tracked in November 2026: $13.9B across 23 reported transactions.
Computed from Real Estate Trail’s own tracked coverage
Three years after buying the nearly empty former Union Bank tower at 350 California Street with nothing but equity, The Swig Company has placed the first mortgage on the 300,000-square-foot Financial District building…
External link. Real Estate Trail does not republish source content.
Related coverage — San Francisco · Capital
Massumi + Consoli Expands to Silicon Valley with Former Weil Private Equity and M&A Partner Matt Stewart
New office will establish M+C's presence in a major hub for private equity, M&A and technology, building on a series of significant senior partner additions nationwide PALO ALTO, Calif., Nov. 9, 2026 /PRNewswire/ -- M…
Vander Capital Partners Buys Google-Leased 51,000 SQFT 40 Jessie Lab Building in San Francisco With $20.45MM Valley Bank Loan
Vander Capital Partners has acquired 40 Jessie St., the six-story South Financial District lab building leased to Google through 2030, financing the purchase with a $20.45 million Valley Bank loan that by itself excee…
Vanbarton Pushes 128,000 SQFT 115 Sansome to 90% Leased After 70,000 SQFT of Deals in San Francisco’s Financial District
Three years after it chose a discounted loan payoff over a fire sale, Vanbarton Group has filled its 15-story 115 Sansome St. tower to 90 percent by turning vacated floors into furnished spec suites, a bet that now lo…
Prime Finance Acquires Performing Loan Portfolio from Blackstone
Prime Finance, a San Francisco-based commercial real estate credit platform, has acquired a portfolio of eight performing commercial real estate loans with an unpaid principal balance of approximately $760 million fro…
AIG Files Default on $192MM Loan Backing 300,000 SQFT Phelan Building at 760 Market in San Francisco
Lender AIG has started the foreclosure clock on the Phelan Building at 760 Market Street, filing a notice of default against the Hotung family-linked owner of the 1908 Union Square flatiron less than two months after…
Ellis Partners Takes 386,000 SQFT KPMG Building in San Francisco via Deed in Lieu After Buying $187.5MM Loan
A San Francisco developer has taken over the former KPMG Building by buying its defaulted loan, after the departure of its namesake tenant and two tech companies left the 25-story tower 20 percent leased. Ellis Partne…