MILPITAS, CA—Houston Firm Lionstone Investments and Silicon Valley based Orchard Partners, have borrowed $84 million through CBRE to acquire a a 14-building, 610,000-square-foot, institutional quality office and R&D campus here.
CBRE Capital Markets' Debt & Structured Finance team arranged the acquisition financing for Tasman Technology Park, in Milpitas. Brad Zampa, Michael Walker and Megan Woodring of CBRE's San Francisco office arranged the acquisition financing on behalf of the borrower, an entity owned by Houston based and SV Partner.
CBRE arranged the seven-year, non-recourse, fixed-rate, partial interest-only financing at a competitive rate in the low 4% range. The financing was provided by an East Coast based life insurance company.
“The financing was aggressively pursued by a number of capital providers,” said Zampa. “The creative structure allowed the sponsor access to incremental loan dollars to improve interior space and common areas at the property as well as the flexibility to release collateral from the loan and sell off individual buildings.”
Russell Ingrum, Joe Moriarty, Sean Sullivan and Tyler Meyerdirk of CBRE Capital Markets' Institutional Properties team recently completed the sale of Tasman Technology Park on behalf of Deutsche Asset & Wealth Management.
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