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11/23/16
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CBRE Capital Markets’ Debt & Structured Finance team has arranged $60 mil in financing for a 127k sf retail component within Main Street Cupertino, a state-of-the-art, mixed-use development located in Cupertino, CA. The borrower is a Sand Hill Property Company joint venture.
The Main Street Cupertino development consists of office, retail, hotel and apartment components. The office portion was completed earlier this year, while the retail portion is slated to be completely finished by the end of the year.
Several retailers are already open for business, including Lazy Dog, Eureka! Burger, Alexander’s Steakhouse, Philz Coffee, and Target Express. The hotel, franchised to be a Marriott Residence Inn, is slated for completion by mid-2017, with the apartments scheduled to be completed by the end of 2017. The development is accentuated by a dynamic urban-contemporary design which will include a one-acre town square and a half-acre community park.
CBRE’s John Nelson and Erik Franks arranged the LIBOR-based, variable-rate loan. It was funded through a major life insurance company.
Located in the heart of the Silicon Valley, Cupertino is home to several of the largest technology companies in the world and boasts a 2016 Average Household Income of $188,627. Its prominent location allows retailers, as well as employers, to draw from high-end communities along the I-280 corridor, producing a diverse group of employees and clientele.
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