Meridian Capital Group Arranges $195M Loan For Large Santa Clara Office Acquisition
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Preylock Real Estate Holdings has purchased seven triple-net leased office buildings in Santa Clara. Meridian Capital Group arranged $195M in bridge financing for the acquisition. The seven-year floating-rate loan offers an initial five-year term followed by two one-year extension options and full-term interest-only payments.
Meridian closed the loan with an international bank that provided a flexible property release provision and a competitive spread over Libor. Meridian Vice Presidents Kovi Elkus and Jackie Tran and Managing Director Seth Grossman negotiated the transaction.
The 626K SF office and R&D campus is at 277-2800, 2880 and 2890 Scott Blvd.; 2220, 2300 and 2330 Central Parkway; and 2001 Walsh Ave. The buildings are 100% leased to Nvidia and Huawei. Four of the buildings are Huawei’s headquarters, while three buildings are leased to Nvidia.
Preylock, an owner, operator and developer of commercial and residential real estate, is focused on the acquisition of value-add and core plus office buildings in major West Coast submarkets. To date, Preylock has acquired three assets, investing $400M in about 1M SF.