San Francisco, CA – October, 31 2014 – CBRE Capital Markets’ Debt & Structured Finance team has arranged $8.4 million in acquisition financing for a multi-tenant office building in Sausalito, California.
Jim Korinek and Michael Walker of CBRE’s San Francisco office originated the loan on behalf of Seagate Properties. The non-recourse financing carries a very competitive long-term and fixed interest rate. The loan provides interest-only payments for the first two years, and a 30-year amortization thereafter. The financing includes the right to secondary funding to address future capital improvements and leasing costs, and provides excellent prepayment flexibility. CBRE placed the financing with a banking institution.
Mr. Korinek commented, “This financing provides an unusual combination of a low fixed rate with flexibility on future funding and prepayment. The combination of property location and sponsorship were so strong that we generated interest from a number of lenders, resulting in extremely competitive loan quotes that focused on meeting borrower objectives.”
Located at 3030 Bridgeway Street, the 31,000-square-foot office building is especially well configured to provide small tenants with attractive floor plate options.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.