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May 26, 2018
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San Jose Office Campus Lands $71 Mil Refi

5/17/18

A Rockwood Capital and Four Corners Properties joint venture has obtained refinancing of $71.5 mil on The Junction at Montague, a four-building, 262.1k sf office/R&D campus they own in North San Jose.

Located at 2520, 2560, 2580 Junction Ave and 541 E. Trimble Rd, the property is a 16-acre campus located in the heart of Silicon Valley’s prestigious “Golden Triangle.” The property’s tenant roster includes Infineon Technologies AG, a semiconductor design/manufacturing firm and Avnet, one of the world’s largest franchised distributors of electronic components and subsystems. The Junction at Montague’s central location provides ease-of-access throughout Silicon Valley via the region’s key freeway systems.

Rockwood Capital and Four Corners Properties acquired the property in December 2015 and will use the loan proceeds to finalize a substantial repositioning to create an open, creative office/R&D space with ample amenities, remodeling more than 65% of the portfolio. Once the renovation is complete, the portfolio is poised to capitalize on the transformation of North San Jose into not only a hub consisting of major technology employers, but also a live-work-play environment.

Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged the five-year, floating-rate bridge financing at a competitive spread priced over the 30-Day LIBOR.
The financing was provided by a national mortgage REIT focused on investing in larger, west coast value-add debt opportunities.

The North San Jose sub-market is a top choice for both developing companies as well as established Fortune 500 firms due to the high quality of tech-focused space, central location in Silicon Valley and an abundance of new residential and retail developments. Featuring a host of technology companies spanning a diverse cross-section of industries, North San Jose is one of the most desirable and vibrant sub-markets within Silicon Valley.





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