Redwood City, CA (June 2, 2017) — NKF Capital Markets’ Northern California-based Debt and Structured Finance Group today announced it has secured financing for the development of Broadway Station in downtown Redwood City, California. Premier real estate finance and investment management firm PCCP, LLC provided a construction loan to Lane Partners, LLC for the development of the 114,859-square-foot, four-story, Class A mixed-use building. The entire office portion of the development has been pre-leased to the Chan Zuckerberg Initiative, LLC. Groundbreaking is slated for the third quarter of 2017.
“Lenders responded strongly to the financing opportunity, creating an extremely competitive selection process – a reflection of the continued growth in the downtown Redwood City market, strength of the tenancy and Lane’s solid track record,” said Chris Moritz, an NKF Capital Markets managing director who handled the assignment with Vice Chairman Ramsey Daya. “PCCP demonstrated an exceptional understanding of the market and was selected from multiple qualified proposals for the loan.”
Menlo Park-based Lane Partners specializes in transforming institutional quality real estate in Northern California. Since its inception, Lane has acquired and renovated over three million square feet of office/R&D in the Silicon Valley and is also heavily invested in the East Bay where it recently sold its Uptown Station project to Uber Technologies.
Located at 2075 Broadway in the heart of downtown Redwood City, Broadway Station is central to one of the few densely developed urban cores on the entire Peninsula. More than 75 restaurants and bars and a theater featuring live shows and concerts are within walking distance. The Redwood City Caltrain station, featuring a coveted Baby Bullet stop condensing travel times to San Francisco and San Jose, is just two blocks from the property and Highway 101 and Interstate 280 are easily accessible.
Adopted in 2011, Redwood City’s Downtown Precise plan has catalyzed tremendous growth and excitement — the 500,000 square feet of new office space allocated in the plan, which includes the development of Broadway Station, has already been met. In fact, much of the new and proposed office space has already been pre-leased. Box, Inc. pre-leased the entire 334,000-square-foot Crossing/900 and Goodwin Procter LLP pre-leased the majority of the 133,000-square-foot 601 Marshall Street which is currently under construction.
Led by Daya, the Northern California Debt and Structured Finance Group has placed approximately $500 million in debt since the beginning of this year.
About Newmark Cornish & Carey
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About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. NKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.