PALO ALTO, CA—Cohen Financial has arranged a $29.8 million refinance loan for one of the largest office buildings in downtown Palo Alto.
The four-story building is located on Lytton Avenue across the street from Palo Alto’s Caltrain Station. The property is fully-leased to a single tenant.
Paul Schroeder, a managing director in Cohen Financial’s San Francisco office, originated the $29.8 million loan. He secured the fixed rate, seven-year term loan with Sun Life of Canada, a Cohen Financial correspondent lender. The transaction closed in May 2014.
“The property has an outstanding location, which allowed the lender to stretch all of its usual underwriting parameters to win the transaction,” said Schroeder.