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December 18, 2018
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Construction of Redwood City Office Development a Go After Securing Funding of $65 Mil

11/12/18

Acclaim Companies has secured $65.7 mil in financing for the development of 855 Main Street, a 100k sf office building the firm plans to build in downtown Redwood City. The loan was arranged by Newmark Knight Frank and funded through Square Mile Capital Management LLC.

Acclaim, a Menlo Park-based real estate company focusing on commercial property investment throughout Northern California, received entitlement approvals this past June. They will be developing the project together with a team that includes W.L. Butler and DES Architects.

The development is located in Redwood City, in a downtown core that has undergone a revitalization over the last decade as part of the Downtown Precise Plan (DTTP). Among other new regulations, the DTTP imposed a 500k sf cap on new office development that has now been reached. All five projects entitled under DTTP were 100% pre-leased, a testament to the marketís strong leasing demand.

The marketís transformation is also anchored by the presence of the Redwood City Caltrain stop, which is the first stop southbound from San Francisco on the Baby Bullet express train that is 66 percent faster than local Caltrains and runs every 30 minutes during peak hours.

The financing was arranged by Ramsey Daya and Chris Moritz of Newmark Knight Frankís San Francisco office. Square Mile Capital originated the loan and sold the senior mortgage portion to Bank OZK.




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