New York City, July 12, 2021 – Square Mile Capital Management LLC (“Square Mile Capital”) today announced that it has originated a $159.3 million loan secured by Clearview Business Park, a six-building creative office campus located in San Mateo, CA. The loan was made to Hines and an institutional joint venture equity partner, sponsors who had acquired the asset in 2018.
The financing was arranged by Matt Haden and team from Eastdil Secured’s San Francisco office.
Square Mile Capital Principal Eric Cohen commented, “Blue-chip ownership plus the location of this premier asset made this opportunity very compelling. Coming out of the pandemic, we are seeing very strong leasing momentum building in San Mateo and in the Bay Area’s Peninsula office submarket overall. We are looking forward to working with this group of top quality sponsors going forward as we take advantage of positive market dynamics.”
Situated atop the San Francisco Peninsula ridgeline, Clearview Business Park offers panoramic views of the San Francisco Bay and Peninsula from a 22-acre bluff. The property is strategically located between US-101 and I-280 with direct access to Highway 92, convenient to the Bay Area’s key employment centers and drawing executives and highly skilled employees residing in the area.
The campus is partially occupied by GoPro, Inc. and serves as the tenant’s corporate headquarters.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. The firm seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends.