Warriors, Uber, Alexandria pay $100M of office loan

The Golden Gate Warriors, Uber Technologies and Alexandria Real Estate Equities have shoveled $100 million into paying down debt for two 11-story buildings by Chase Center.

The NBA basketball team, locally based ride sharing firm and Pasadena-based life sciences developer collectively paid down part of the $600 million loan secured by 1655 Third Street and 1725 Third Street in Mission Bay, the San Francisco Business Times reported.

Uber leases both buildings for its headquarters.

The Warriors and Uber each own a 45 percent stake in the joint venture that developed the 586,200 square feet of offices next to Chase Center, while Alexandria holds the remaining 10 percent share of the venture known as Event Center Office Partners.

Paying down the debt should allow the joint venture to negotiate better terms for a pending refinancing, plus make the deal more palatable for a potential lender.

A $500 million refinancing is expected to close by spring.

The office partners took out a $600 million loan at 4.57 percent interest with JPMorgan Chase, which has naming rights for the Warriors arena that opened in fall 2019.

Alexandria said in a regulatory filing Monday that a new $500 million secured note is expected to close by March.

Paying down the loan means the real estate investment trust will fork out $10 million this quarter, to fulfill its 10 percent stake in the properties.

— Dana Bartholomew