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3/07/22
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A seven-building, 337.6k sf industrial property in San Jose was refinanced with a new loan of $35 mil. Built in 1995, the property is located at 1100-1070 Commercial St.
The multi-tenant property resides on 18.6 acres and offers three types of spaces to accommodate a variety of users. The property uses are approximately one third warehouse, one third light industrial and one third incubator space.
Situated adjacent to the I-880 and I-101 interchange, the property provides easy access to San Jose, the Peninsula and San Francisco via I-101, and the East Bay via I-880. It is four miles from San Jose International Airport, giving tenants easy access to and from major cities and transportation hubs in the region. Additionally, it’s proximity to the heart of Silicon Valley has attracted a diverse roster of tenants in the incubator space.
The permanent-fixed loan financing was arranged by John Kerslak and Briana Harney with Northmarq and funded through a life insurance company. The transaction was structured with a 10-year, interest-only term and offers full term I.O. and prepay flexibility in the last three years of the loan.
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