PLEASANTON, CA—JLL’s Capital Markets experts said today that the firm has secured $152 million in debt financing for California Center, a 1,030,266-square-foot office campus located in Pleasanton, in San Francisco’s East Bay. Starwood Property Trust provided the five-year, floating-rate loan in which $106.5 million was funded at closing with an additional $45.5 million for future capital improvements.
Managing director John Manning and senior vice president Alex Witt led the JLL team on the transaction.
“California Center is a high-quality office asset that offers large blocks of office space – a rare opportunity in the San Francisco Bay Area,” said Manning. “The asset is backed by best in class sponsorship and offers near-term upside potential, both of which are huge draws for the lending community.”
The six-building campus was acquired by Swift Real Estate Partners in June in a sale transaction led by JLL’s investment sales team including managing directors Michael Seifer and Rob Hielscher and vice president Aaron Herter. It features a state-of-the-art conference center, a 600-seat cafeteria, a fully equipped fitness center and an 8.4 acre site that is fully entitled for 305 residential units. The property is a short walk to BART, and there are also numerous retail and dining options within walking distance of the property.