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OAKLAND, CA-Transpacific Development Co. (TDC) of Torrance, Calif. has arranged an $87 million loan on behalf of LMP I LLC, an affiliate of Transpacific, for Lake Merritt Plaza and 1956 Webster St., two Oakland office buildings totaling 500,000 sf. The lender is Greenwich Capital.

Lake Merritt Plaza is a 27-story, 460,000-sf Class A office building adjacent to Oakland’s Lake Merritt at 1999 Harrison St. The building, which TDC developed in 1985, features a curved granite and glass exterior, and was designed by Hellmuth, Obata & Kassabaum. Crosby Heafey, the East Bay’s largest law firm, is the anchor tenant in the building. Crosby Heafey signed an 11-year lease extension at the property last year.

The 1956 Webster St. property is a four-story, class B office building totaling approximately 40,000 sf. The building was developed in 1955 and was renovated in the past year to include a new lobby and common area finishes.

Although lenders are generally concerned about placing sizable loans on Bay Area office properties due to current market conditions, Thomas G. Irish, president of TDC, says Greenwich Capital felt comfortable placing a 10-year, fixed loan on Lake Merritt Plaza due to the quality of the property, the long-term commitment of the owner, and the stable tenancy and income. Mike Van Konynenburg and Steve Silk of Secured Capital Corp’s Los Angeles office arranged the financing for the property.

TDC is a real estate development, investment, management and marketing firm with offices in California and Hawaii. Founded in 1954 by Shurl Curci, the company has developed nearly 10 million sf of office, industrial and retail properties throughout the western United State. It manages a portfolio in excess of 3 million sf.

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