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NORTHERN CALIFORNIA NEWS
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CBRE Arranges $14 Mil on Bay Area Office Properties

7/28/15

CBRE Capital Markets’ Debt & Structured Finance team has arranged $14.2 mil in long-term, non-recourse financing for two Bay Area office properties on behalf of separate owner/operators. Jim Korinek of CBRE’s San Francisco office originated the loans.

The properties are 601 Mission Street in San Francisco, and 2055 Laurelwood Road in Santa Clara. Both properties are multi-tenant with a concentration of technology occupancy.

A regional bank provided $6.2 mil for 601 Mission Street while a national life insurance company provided $8 mil for 2055 Laurelwood. The non-recourse financings carry very competitive interest rates that are fixed for the entire loan term. Given the current low interest rate environment, the borrowers preferred a longer fixed-rate term than the typical 10-year financing.





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