Los Angeles, CA – November 28, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has arranged $28.3 million in financing for a 71,400-square-foot office building in Stanford Research Park, Palo Alto, California.
John Nelson and Erik Franks of CBRE’s San Francisco office arranged the financing on behalf of the borrower, a Sand Hill Property Company joint venture. The floating rate, interest-only balance sheet loan was provided by a major Wall Street firm.
Of the financing, Mr. Nelson said, “This asset is in one of the premiere locations in the Silicon Valley, and as a result, garnered interest from numerous capital sources. The winning lender tailored their loan to fit the sponsor’s needs, at a very compelling cost of capital. Both sponsor and lender were very happy with the financing.”
Located at 950 Page Mill Road within the prestigious Stanford Research Park, the property serves as the California office for WilmerHale, one of the top legal firms, both nationally and globally.
Developed by Stanford University starting in 1951, the Research Park is on the Stanford University campus. It was the first of its kind and is known as the origination of high technologies which evolved into Silicon Valley. Over the years it has been home to some of the most successful and respected companies in the world. Today it boasts a world-class reputation as one of the largest and best-known research parks, encompassing 700 acres, with 10.3 million square feet spread across 160 buildings and facilities, and home to 150 companies.
About CBRE Group, Inc.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.