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6/21/23
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In a recent Bay Area office financing deal, a six-story, 83.6k sf multitenant tower in Berkeley was refinanced with a new permanent loan for $11.3 mil. The building, originally built in the 1960s, is currently home to more than 35 tenants including professional services, medical offices, and small businesses. It is located at 2855 Telegraph Ave.
Gantry’s Tony Kaufmann and Alex Poulos secured the new loan on behalf of the borrower. The 30-year, fixed rate loan was provided by a life company lender.
“Financing office properties in the current market cycle is doable when the right story is articulated. Our life co lenders will consider conservative opportunities for buildings with diversified rent rolls, customizable multi-tenant floorplates, and stable property performance before and during the pandemic,” commented Kaufman. “This property is at a strategic location in a high barrier to entry, urban market near a major university and regional hospital. Sponsorship has an active leasing and management team in place that is taking great care of the asset.”
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