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12/09/14
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CBRE Capital Markets’ Debt & Structured Finance team has secured $16.7 mil in non-recourse financing for two separate properties in Daly City; a medical office located at 901 Campus Dr, and a retail center located at 2201 Junipero Serra Blvd. In both transactions, the loan proceeds were used to facilitate the acquisition of the properties for two separate buyers.
901 Campus Drive is a 75.6k sf, multi-tenant medical office building. Tenants of the property include Palo Alto Medical Foundation, Campus Surgery Center and a consortium of other private physician practices. The property benefits from being located in proximity to Seton Medical Center and freeway transportation.
The $8.2 mil financing is a flexible, floating-rate loan from a national bank. It is a LIBOR-based, adjustable-rate mortgage with very favorable terms.
2201 Junipero Serra is a 26.9k sf retail center leased to DaVita Healthcare Partners Inc, Dunn Edwards Paint and Nor Cal Veterinary Emergency and Specialty Hospital. The property has excellent visibility from the adjacent 280 Fwy.
The $8.5 mil loan has a fixed-rate for 10 years with extremely competitive terms. It was financed by a Wall Street lender that will securitize the loan.
The deals were arranged by Michael Walker and Jim Korinek of CBRE’s San Francisco office.
“Lenders were attracted to both opportunities for different reasons. However, in both cases, lenders were fond of the strong demographics in Daly City and the proximity to San Francisco. Located on the Peninsula, Daly City is a very nice community sandwiched between two of the strongest real estate markets in the Bay Area. Long term, Daly City is a submarket with potential for significant growth,” said Walker.
Daly City is located in San Mateo County along the San Francisco Peninsula. San Mateo County boasts an unemployment rate of 4.1%, the second lowest rate by county in the Bay Area. San Mateo is home to 18 of the largest software companies in the Bay Area, as well as 18 of the largest venture capital firms (ranked by revenue).
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