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5/30/19
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An entity owned and controlled by Windy Hill Property Ventures has obtained $21 mil in refi money on 2 East Third Avenue, a 100% leased, 25k sf Class A office building located in the central business district of downtown San Mateo.
Built in 2016, 2 East Third Avenue features modern office interior finishes, efficient floor plates, plentiful natural light amidst expansive windows and a private roof deck. Motif Investing Inc, an online broker-dealer, leases 100% of the three-floor office space with SoulCycle leasing the retail suite on the ground-floor.
2 East Third Avenue is ideally positioned on San Francisco’s Peninsula and surrounded by innovative companies including Oracle, DreamWorks, Tesla and Sony Computer Entertainment, who have all made long-term commitments to the Peninsula. Furthermore, the property is situated next to the downtown San Mateo Caltrain Station, providing easy access to San Francisco and Silicon Valley.
With ample food and beverage amenities combined with notoriously high barriers to entry and a lack of developable land, the vacancy rate of comparable Class A office product in the downtown San Mateo submarket has dropped below 5%. 2 East Third Avenue is one of the only premier Class A office properties in the submarket.
Michael Walker, Brad Zampa, Megan Woodring, and Taylor Shepard with CBRE Capital Markets’ Debt & Structured Finance team arranged the 10-year fixed-rate loan at a very competitive spread priced over 10-year treasuries.
“We brought an East Coast-based life insurance lender to the table who traditionally hadn’t lent much in our markets,” said Walker. “They had been looking to build out their investment portfolio with top tier regional sponsors on newer construction assets. Ultimately, they were able to beat out a number of banks, life companies and other fixed rate lenders by offering flexibility and a best in class interest rate.”
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