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11/28/16
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A joint venture of Sand Hill Property Company has landed new financing of $28.3 mil on a 71.4k sf office building in Palo Alto’s Stanford Research Park. Located at 950 Page Mill Rd, the property serves as the California office for WilmerHale, one of the top legal firms, both nationally and globally.
Developed by Stanford University starting in 1951, the Research Park is located on the Stanford University campus. It was the first of its kind and is known as the origination of high technologies which evolved into Silicon Valley. Over the years it has been home to some of the most successful and respected companies in the world. Today it boasts a world-class reputation as one of the largest and best-known research parks, encompassing 700 acres, with 10.3 msf spread across 160 buildings and facilities, and home to 150 companies.
The floating rate, interest-only balance sheet loan was provided by a major Wall Street firm. John Nelson and Erik Franks of CBRE's San Francisco office arranged the financing.
Of the financing, Mr. Nelson said, “This asset is in one of the premiere locations in the Silicon Valley, and as a result, garnered interest from numerous capital sources. The winning lender tailored their loan to fit the sponsor’s needs, at a very compelling cost of capital.”
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