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4/22/22
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Fremont Tech Park II, a 140k sf, three-building, light industrial/R&D flex-tech campus in the Bay Area city of Fremont, has been refinanced with a new permanent loan for $27.5 mil. Originally developed in 1998, the modernized and well-maintained campus features high-image design and landscaping situated along the I-880 industrial corridor, with ready access to the greater Silicon Valley region.
Tony Kaufmann with Gantry represented the borrower in obtaining financing. The 11-year, fixed rate loan was provided by one of Gantry’s correspondent life company lenders and will be locally serviced by the firm. By recapitalizing Fremont Tech Park’s with a new, long-term fixed rate loan at what remains a generationally low interest rate, the asset is positioned for stabilized performance during the decade ahead.
“Light industrial/R&D space remains in high demand from the many technology and life sciences companies that call the Bay Area and Silicon Valley home,” noted Kaufmann. “Well maintained, mature properties like Fremont Tech Park II have performed well during the pandemic as the demand for flexible lab space has surged. These market fundamentals resonate well with a host of lenders looking to lend on high quality industrial properties with solid sponsorship. For quality assets, we continue to see multiple financing options from different sources that meet different investment outcomes, all at what remain generationally low interest rates that are especially appealing for a legacy hold strategy.”
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