X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

(To read more on the debt and equity markets, click here.)

MORGAN HILL, CA-Venture Corp. is making infrastructure improvements to a 60-acre tract of land within the 300-acre Morgan Hill Business Park. The Mill Valley, CA-based industrial condominium developer says it plans to make street improvements to the property that will result in higher land values.

The business park–one of the largest business parks in the San Francisco area–is located along Highway 101, 15 miles south of San Jose. The improvements are being funded by a $19.5-million loan sourced by Cohen Financial.

Paul Schroeder, the Cohen Financial managing director that originated the loan, says the loan will allow Venture Corp. “to create smaller parcels which will better suit the ever growing small tenant market.” Venture Corp. president Robert Eves did not respond to a request for comment.

The loan replaces higher cost debt, Schroeder says. In addition to funding the street improvements, Schroeder says it allows Venture Corp. “to improve cash flow.”

The financing consists of a three-year, floating rate, full-recourse loan, based only on land value, and secured by Cohen Financial at 70% loan to value with pricing over LIBOR. The lenders are The Marshall Group and First Bank.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.