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1/15/21
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Minkoff Group, a Silicon Valley-based developer led by Daniel Minkoff and Will Birdsey, has obtained a $114 mil construction loan for the development of 100 Altair, a 180k sf office building to be built in Sunnyvale. Square Mile Capital served as the mezzanine lender, with Bank OZK as the senior lender.
Minkoff acquired the land, located immediately adjacent to the Sunnyvale Caltrain Station and near major Silicon Valley thoroughfares including El Camino Real and the Bayshore Fwy, in December 2020 and plans to commence construction later this month. Upon completion, the seven-story building will feature floor-to-ceiling windows, a landscaped roof deck, private balconies and a four-story subterranean garage. The project will be LEED Gold certified.
The project is in a desirable submarket that includes a deep roster of technology tenants including Google, Amazon, Microsoft, Apple, and HP. Despite the impacts of Covid-19 and its resultant shutdowns, the Sunnyvale / Cupertino Class A submarket has continued to maintain its strong market fundamentals and is poised to continue its growth going forward.
The financing was arranged by Chris Gandy of JLL’s San Francisco office.
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