Metrovation Gets Loan on Oakland Mixed-Use

SAN FRANCISCO-GlobeSt.com has exclusively learned that $7.88 million in financing has been arranged for the 67,000-plus-square-foot mixed-use building located in the Jack London Square neighborhood in Oakland. The CBRE debt and equity finance team of Jim Korinek, EVP; John Nelson, EVP; and Michael Walker, senior associate of CBRE’s San Francisco office, worked to originate the loan on behalf of Metrovation, a privately owned real estate company.

Korinek tells GlobeSt.com that the proceeds were used both to refinance a maturing bank loan and to provide the funds for a portion of the costs associated with converting two spaces from low value storage space to high finish office space for creative tenants. “This included seismic upgrades and extensive tenant improvements to create high ceiling, loft-like tenant spaces with open floor plans and balconies so as to meet the needs of marketing and technology firms moving to this neighborhood,” he says.