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8/07/24
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B3 & Gaw have obtained a $33 mil bridge loan to refinance the old Bayfair Mall in San Leandro, which is successfully transitioning into a mixed-use retail power center and emerging R&D campus.
Encompassing over 715k sf of retail power center and R&D campus space, the center continues to successfully operate, redevelop, and attract new R&D tenants. The property is steps away from the BART Station in the heart of San Leandro, one of the world’s leading metropolitan areas for technology and research & development.
The initiatives undertaken by the borrower have not only enhanced the center’s appeal to local consumers and national tenants, but also reestablished it as one of the Bay Area’s dynamic hubs.
The financing was arranged by Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers Mortgage California Structured Finance Group. The new loan includes a 36-month term with optional extensions and carries a rate of SOFR plus 4.00%. The loan features a fully non-recourse structure with no interest, carry, or completion guarantees.
The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants, and filling vacancies with more suitable tenants for the market. Additionally, the borrower has begun transforming one-third of the property into an R&D campus. With half of the rental space already leased, the property has been successful in attracting new R&D tenants.
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