CBRE Secures $17.2 Million in Financing for Repositioning of Latham Square in Oakland, CA

San Francisco, CA – February 9, 2015 – CBRE Capital Markets’ Debt & Structured Finance team has arranged $17.2 million in bridge financing for Latham Square, a 15-story, 118,198-square-foot office building located in Oakland, California.

CBRE arranged the five-year, non-recourse, floating-rate, interest-only financing at a competitive spread priced over 30-day LIBOR. The financing was provided by a national private debt fund with an extensive track record for lending in the Bay Area.

Brad Zampa, Michael Walker and Megan Woodring of CBRE’s San Francisco office arranged the financing on behalf of the borrower, an entity owned by Contrarian Capital Management and San Francisco-based Ridge Capital Investors.

Located at 1611 Telegraph Avenue, the 15-story brick office complex features a top floor penthouse, a two-story subterranean parking garage, and is conveniently situated one block from both the 12th and 19th Street BART stations—providing a key link to the Bay Area’s mass-transit. With its open floor plates, historic appeal, exposed brick finishes and high ceilings, Latham Square will lend itself well to both technology tenants and finance, insurance and real estate tenants looking for creative office space. Latham Square also boasts a variety of amenities including excellent restaurants, the renowned music venue, Fox Theater and Forest City’s new residential development, “The Uptown.”

Mr. Zampa commented, “Oakland’s time has clearly arrived as an attractive investment market for institutional capital that is seeking core-plus and value-add returns at a cost basis substantially less than San Francisco.”

Latham Square is located at the southern boundary of the up-and-coming Uptown District. The Uptown District has organically grown into the entertainment hub of Oakland. Oakland—located 12 miles east of San Francisco—has continued to see a sudden upswing in tenants’ desire for creative office space as tenants continue to be priced out of San Francisco and Silicon Valley.

About Contrarian Capital Management
Founded in 1995, Contrarian is a distressed investing specialist with one of the most stable portfolio management teams in the industry. The Contrarian team focuses on identifying the best risk / reward opportunities in distressed assets in the U.S., Western Europe and Emerging Markets. Contrarian’s flagship strategy seeks to capitalize on all manners of distressed investing with particular emphasis on privately traded and complex distressed claims; actively investing in “off the run” opportunities that have strong asset coverage, barriers to entry, and trade at significant discounts to similar publicly traded instruments.

About Ridge Capital Investors
Ridge Capital Investors, LLC (“Ridge”) is a San Francisco based real estate firm that was founded to create a sustainable, best-in-class, West Coast office and multifamily investment and operating platform focused on generating superior risk-adjusted returns and providing first rate service to our institutional investment partners. The Company seeks opportunities where the team can capitalize on its extensive market and investment knowledge through creative transaction sourcing, broad relationships and operating expertise, and development and construction management capabilities, all within the context of building an asset portfolio in some of the best markets in the country. Collectively, the team has developed and invested in over $1.6 billion of apartment assets across the US and 1.5 billion of office assets, primarily on the west coast. The majority of these investments were focused on meaningful asset repositioning or ground up development in order to achieve attractive risk-adjusted returns. Since the creation of Ridge Capital Investors, the team has acquired $200 million of real estate.

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 (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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

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