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8/31/22
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Dollinger Properties has locked $97 mil of new permanent financing to retire construction debt for a 152k sf, four-story, LEED Gold certified office building in Sunnyvale’s Peery Park office district. The non-recourse, balance sheet loan was arranged by Gantry and is structured with two fundings.
Synopsys Inc recently inked a long-term lease for the entire building. The structure is located at 675 Almanor Ave, directly adjacent to the Synopsys’ current three-building campus at the Pathline Park development, also in Sunnyvale.
Gantry’s Tony Kaufmann arranged the permanent interest-only loan. It was structured with flexible prepayment and term extension options. The loan was provided by a life company lender that locked the borrower’s rate 90 days in advance of closing and which features a sub 4.4% rate with interest-only terms and options to extend if desired.
“Emerging from the pandemic, Silicon Valley’s office market has been burgeoning with leasing activity,” noted Kaufmann. “We have witnessed numerous tech tenants taking up large swaths of space, despite some companies still maintaining hybrid work-from-home policies. Silicon Valley’s access to nearby desirable suburban communities has proven attractive for prospective tenants and their employees.
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