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SAN MATEO, CA-Stockbridge Real Estate Fund LP has refinanced Park Place at Bay Meadows, a 304,000-sf mixed-use property immediately adjacent to US Highway 101 in the city.

Completed earlier this year, the development includes an 186,529-sf class A office building, a 62,922-sf Whole Foods-anchored retail center, 19 upscale residential condominiums and a 20,876-sf freestanding health club. The parties involved declined to provide current occupancy, choosing instead to say that the property will be 94% leased if leases currently under negotiation are consummated.

Stockbridge is a real estate private equity partnership, with over 3.2 million sf of office, retail and restaurant space. The four-year, adjustable-rate $38.5-million loan was provided by Fleet National Bank. Loan collateral excluded the condominiums and health club. Scott McMullin and Anita Paryani with Holliday Fenoglio Fowler LP’s Los Angeles office arranged the financing.

Park Place at Bay Meadows is adjacent to the Bay Meadows Racecourse, which closed last year after 70 years of operation. The Bay Meadows Land Company is proposing to replace the 85-acre property with 1,500 homes–condos, townhouses and apartments–2.1 million sf of office space, 100,000 sf of retail space and 15 acres of parks. The development will be built over 10 to 20 years.

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