SAN FRANCISCO, CA (March 12, 2019) – HFF announces that it has arranged a $21 million refinancing for Baywood, a 27,897-square-foot, Class A+ creative office and retail asset in downtown San Mateo, California.
HFF worked on behalf of the borrower, developURBAN, a private developer, to arrange the 10-year, fixed-rate, full-term, interest-only loan with Citigroup. Loan proceeds will be used to refinance the existing debt HFF arranged in 2017 that was used to reposition and transform the former Class B property into a best-in-class, Class A+ mixed-use building. Improvements included a transformative façade remodel; a new third-floor addition, elevator and office lobby; and the creation of multiple outdoor patios, among other significant improvements.
Fully leased, Baywood is home to the technology arm of a publicly listed company, with the ground-floor office space leased to a data analytics firm and the retail space leased to the nation’s largest yoga chain. Baywood is an adaptive re-use of a 1930s-era movie theater repurposed as a best-in-class creative office. Baywood, which is currently undergoing LEED certification, boasts tremendous natural light through a new modern façade, a more-than-30-foot-high living wall, numerous indoor/outdoor patios, secured bike parking and 25-foot ceiling heights. Situated on 0.2 acres at 333-345 S. B Street, the property is less than three blocks from the San Mateo Caltrain station and is surrounded by downtown San Mateo’s retail, dining and entertainment amenities.
The HFF debt placement team representing the borrower consisted of senior director Chris Gandy and analyst Taylor Gimian.
“The sponsor has done a tremendous job repositioning the property, as evidenced by the strong tenant demand for the building and ability to achieve some of the highest rents seen in the downtown sub-market,” Gandy said. “The property’s proximity to a baby bullet CalTrain station and to the abundant retail amenities offered in downtown are irreplaceable.”
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.About developURBAN
developURBAN is a real estate development and investment company focused on transformative urban-infill developments in the Western United States. developURBAN develops in downtown locations that have proximity to transit, walkable environments and creates developments that enrich the community. developURBAN believes and creates partnerships that fit each unique opportunity and location.About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com.