Colliers Mortgage’s California Structured Finance Group Arranges $33M in Bridge Financing for a Mixed-Use Retail Power Center and Emerging R&D Campus in San Leandro, CA
BISWIRE/Aug. 27, 2024 — Colliers Mortgage California Structured Finance Group has secured a $33,000,000 bridge loan on behalf of B3 & Gaw, to refinance the old Bayfair Mall, which is successfully transitioning into a mixed-use retail power center and emerging R&D campus in San Leandro, CA. This financing, arranged by Shahin Yazdi and Jonathan Lee, Executive Managing Directors of the Structured Finance Group, along with their team, Tommy Adelson and William Hyatt, includes a 36-month term with optional extensions and carries a rate of SOFR plus 4.00%. The loan features a fully non-recourse structure with no interest, carry, or completion guarantees.
“The combination of our Sponsor’s successful history in executing on these large-scale projects and our team’s depth of capital relationships, allowed us to deliver optimal financing for this transformative project," said Yazdi. "B3 & Gaw’s multifaceted business plan will bring a product that is much needed in the submarket and caters to the special needs of R&D tenants."
The Sponsor’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants, and filling vacancies with more suitable tenants for the market. Additionally, the Sponsor has begun transforming one-third of the property into an R&D campus. With half of the rental space already leased, the property has been successful in attracting new R&D tenants.
Encompassing over 715,000 square feet of retail power center and R&D campus space, the center continues to successfully operate, redevelop, and attract new R&D tenants. The property is steps away from the BART station in the heart of San Leandro, the world’s leading metropolitan area for technology and research & development.
The initiatives undertaken by the Sponsor have not only enhanced the center’s appeal to local consumers and national tenants, but also reestablished it as one of the Bay Area’s dynamic hubs.
About Colliers Mortgage California
Part of Colliers Mortgage is distinctively positioned to help meet our clients’ financing, funding and capitalization needs for the acquisition, refinance, construction, rehabilitation, equity bridge and permanent debt for a multitude of commercial property types nationwide. Our professionals work collaboratively to provide solutions that best fit each client’s unique needs, offering access to federal agency loan programs, commercial finance solutions, and identifying capital sources for capitalization requirements. We also service all loans we originate and are currently servicing more than $14.0 billion of loans.
Colliers Mortgage California Inc. does non-agency deals with its California Real Estate License.
About Colliers
Colliers is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.4 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
