PLEASANT HILL, CA-DJM Capital Partners of San Jose hasrefinanced its 137,232-square-foot Ellinwood Office Complex herewith a $24.5-million CMBS loan that provides permanent financing,according to George Smith Partners of Century City, CA, whicharranged the financing. The property is a three-building complexadjacent to the 680 Freeway at 300, 400 and 500 Ellinwood Way thatis 100% leased to Contra Costa County for 18 years.

GSP principal and managing director Steve Bram refers to thefinancing as "our first ‘CMBS 2.0’ loan." Bram explains that GSPhas "coined the phrase CMBS 2.0 to describe the return of CMBSlending after the financial meltdown of 2008-2009.” The DJM loan isfor five years, non-recourse, at a 5.6% interest rate.

Bram notes that he and David Pascale, a senior vice president atGSP, originally arranged the acquisition bridge financing for theproperty in 2006 when DJM bought it. At the time, the property wascompletely vacant.