Fuse Makes Bold Move
Fuse Project just bought a new office location in Potrero Hill with a 20-year, fixed-rate, SBA 504 loan. Owning the 21k SF office at 1401 16th will enable the branding agency, whose past clients include Nike, Sony, Swarovski, Target, and Coca-Cola, to stay put in the city. TMC Financing and Bank of America in S.F. worked together on the financing package.
The rental market is outrageous (S.F. rates have spiked 75% in three years). In order to stay in the city, Fuse picked an up-and-coming option: the ownership route. Buying means businesses can stabilize facility costs for the long term, and spend more time investing in job creation and growing their company, says TMC's SVP of biz development David Griffis. (This spring TMC helped finance $4.2M relocation for TEF Architecture's new office in Pacific Heights.)