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6/22/17
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Newmark has secured $67.75 mil in new long-term financing for three separate commercial properties located in the San Jose and Silicon Valley submarkets. Two of the transactions were for office properties and one for a big-box retail center.
So far in 2017, Newmark has structured new financing totaling $157 mil for 13 properties in the San Jose/Silicon Valley Region. The most transactions include:
• Oakmead Terrace/Sunnyvale – $35.8 mil in financing for the Sunnyvale office campus, originally built in 1980, encompassing four buildings featuring 143.3k sf of rentable office space. Newmark’s Eric Von Berg arranged the five-year loan, which features an interest-only base period with 30-year amortization and offers a flexible prepay component with non-recourse terms. Newmark will service the loan.
• Home Depot Anchored Retail Center/San Jose -- $19.2 mil in financing secured by a 134k sf, 100% leased retail center, anchored by Home Depot on a ground lease. Newmark’s Mitch Zeemont, Jeff Wilcox, Robert Slatt, Erinn Cooke and Darija Walker arranged the non-recourse, 10-year fixed rate term loan, with 30-year amortization and no reserves or impounds required with one of Newmark’s insurance company relationships. Newmark will service the loan.
• De Ritz Office Property/San Mateo – Financing of $12.75 mil secured by a 62.7k sf, multi-tenant office property in San Mateo. The 100% occupied, four-story, Class-B office building is located blocks away from the Hwy 92 and sits directly across the El Camino Real from a Safeway anchored shopping center, positioned between numerous small, single-tenant office, and retail buildings. Newmark’s Jeff Wilcox, Mitch Zeemont and Darija Walker arranged the non-recourse, 10-year term, 25-year amortization with one of Newmark’s correspondent relationships. Newmark will service the loan.
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