SAN MATEO, CA-CBRE Capital Markets' Debt & Structured Finance group recently arranged permanent financing for 777 Mariners Island, a 187,435-square-foot office building in San Mateo.

The $35 million loan carries a five-year term at a market spread over LIBOR, and an approximate LTC of 50%. Wells Fargo Bank provided the financing.

Mike Riccio and Susan Larkin of CBRE's Hartford, CT, office, along with Jim Korinek of CBRE's San Francisco office, arranged the financing on behalf of the borrower, a single-asset entity controlled by Cornerstone Real Estate Advisers, based in Hartford.

"Wells Fargo did an excellent job structuring the loan to meet Cornerstone's requirements, and worked to make this an efficient closing to meet the borrower's deadlines," Riccio said.

777 Mariners Island is located along the San Francisco Peninsula situated immediately off Highways 92 and 101, and centrally stationed in the middle of San Mateo's business and retail center. The property includes a seven-story building equipped with a two-story parking garage. On-site amenities available to tenants include a café, fitness center with showers, auditorium with audio/visual capabilities and conference facility. The property also includes attractive reflective lagoons, with modern fountains and a landscaped area that provides a campus-like setting for the tenants.

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CBRE Capital Arranges for San Mateo Seven-story Office

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