DivcoWest Sells R&D Building in San Jose for $35.3MM

Newmark, San Jose, San Francisco, Primary Servicer, Standard & Poor, Hellyer Ave

(EDITOR’S NOTE: According to public documents filed with the county, the sale for the property closed June 5th, 2018, and the price was $35.3 million. The $25.59 million loan was arranged by Goldman Sachs Mortgage Company. The seller of the property was MWest, an entity owned by San Francisco-based DivcoWest, and the buyer was Willyo Properties LP, an entity associated with Jason Andrew Hammerman.)

SAN FRANCISCO, CA (June 26, 2018) – Newmark® has arranged $25,590,000 in permanent financing for 5500-5550 Hellyer Ave, a two-story research and development building located in San Jose, California. Demised into three tenant spaces, the 100% occupied property is comprised of both industrial flex and office space.

Robert Slatt and Jeff Wilcox, Principals, and Charlie Kokernak, Associate, worked exclusively with the borrower in securing the 10-year fixed-rate, 30-year amortization with a conduit lender. The long-term financing solution was arranged as a first deed of trust on a non-recourse basis as part of a purchase transaction. This marks the second purchase financing arranged with the same borrower in the last two years.

According to Robert Slatt, “We were hired to make a competitive bidding market for our client and ultimately had two different CMBS shops separate themselves from the pack. The deal closed as applied for, which is a testament to the relationship that Newmark has with their capital sources.”

Newmark, a privately held company based in San Francisco, is a full service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Newmark’s production, closing and servicing capabilities. Established in 1991, Newmark is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $10 billion represents over 1,300 loans located in 40 states. Newmark is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.

West Coast Commercial Real Estate News