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Online Broker Facilitates Two Silicon Valley Deals

SAN RAMON, CA-Sunnyvale Village Associates refinances the Sunnyvale Financial Center and Duane LLC completes a take-out of its construction loan for the Duane Telecommunications Building in Santa Clara.

By Allison Landa | Updated on August 08, 2000

A year-old online commercial real-estate mortgage broker recently closed two office-property deals in Silicon Valley.

RealWebFunds Inc. completed a $5.7 million refinance loan on the 55,000-sf. three-story Sunnyvale Financial Center on July 31. Farm Bureau Life was the lender and Sunnyvale Village Associates was the borrower.

The San Ramon, Calif.-based firm also recently closed a $5.2 million deal on the 30,000-sf Duane Telecommunications Building in Santa Clara, Calif. The borrower is Duane LLC and the lender is Wells Fargo Bank. The loan provides takeout financing for the fully-leased telecommunications building.

RealWebFunds launched its business about two years ago, and went live online in January 1999. Its purpose is to simplify commercial lending, RealWebFunds president and co-founder Tom Dewar told GlobeSt.com.

“The idea is to eliminate wasted effort, time, and energy, and make the process work for the borrower and lender,” said Dewar, a commercial real estate mortgage banker.

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