CBRE just put together $14.2M in long-term, non-recourse financing for two Bay Area office properties. They sit at 601 Mission in S.F. (pictured) and 2055 Laurelwood in Santa Clara. Jim Korinek of CBRE’s S.F. office originated the loans on behalf of two local owner-operators. A regional bank provided $6.2M for 601 and a national life insurance company provided $8M for the Santa Clara property. Jim says a number of lenders were interested in the loans, realizing they have dynamic technology rent rolls. The Santa Clara building is home to an office of Cbeyond, a telecommunications firm that was bought by Birch Communications in July 2014 for $323M in cash.
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