“The California Competes tax credit is a useful tool in maintaining growth and employment opportunities for companies that develop and build in California,” David Rhoades of San Francisco-based Urban Realty Co. Inc., tells GlobeSt.com, “and, it is a smart move to encourage business retention.”

As the Bay Area continues its balance of jobs-creating and transit-oriented projects, a number have received development, acquisition or refinancing dollars in recent weeks.

2150 Webster St., a 10-story, 236,033-square-foot office building located in Oakland's Uptown district, received $70 million in balance sheet financing. The building is currently 100% vacant, allowing for a complete re-branding, repositioning and renovation of the exterior façade and infrastructure. The Uptown location provides access to BART, dining and a growing number of Bay Area employers including Pandora and UBER.

Brad Zampa, Mike Walker and Megan Woodring of the CBRE San Francisco office arranged the five-year bridge financing at a competitive spread priced over 30-day LIBOR on behalf of Lane Partners. The financing was provided by a global investment-management fund.

“2150 Webster represents a unique opportunity to reposition a meaningful block of extremely well-located office space into a class-A creative buildout,” said Walker. “When Lane Partners is finished, it will be one of the premier office venues for tenants in the most dynamic submarket of Oakland.”

Another office property in the supply-constrained downtown San Mateo market has recently been acquired. DivcoWest purchased 101 S. Ellsworth, a class-A office building located just one block from San Mateo's Caltrain station. The 88,000-square-foot six-story building has freeway access and is in a walkable neighborhood surrounded by retail and restaurant amenities. The asset has averaged 99% occupancy during the last 10 years and is one of only five class-A office buildings in San Mateo's downtown core offering more than 80,000 square feet of space.

In addition, development is underway for the Riviera Condominiums, a 48-unit development adjacent to the Walnut Creek BART station, located at 1605 Riviera Ave. The project is also walking distance to downtown retail and entertainment amenities, and is just east of Interstate 680. Holliday Fenoglio Fowler LP secured $23 million in financing for the project, working on behalf of the borrower, a joint venture led by The ADDRESS Company, to secure the floating-rate construction loan through a regional bank. HFF's debt placement team was led by directors Jordan Angel and Bryan Clark, and analyst Zachary Kersten.

PMZ Realty Capital LLC also arranged a $28 million bridge loan for the Radisson Oakland Airport. The property is located steps from Oracle Arena and O.co Coliseum and a 2-mile drive from the Oakland International Airport. The hotel is located off Interstate 880 and a short walk from the Coliseum BART station.

The California Competes tax credit is part of the Governor's Economic Development Initiative, which Governor Brown signed legislation to enact in 2013 (AB 93 and SB 90).

SACRAMENTO—In an ongoing effort to improve California's business climate, the California Competes tax credit committee approved $91.4 million in tax credits for 114 companies expanding and creating jobs in California, according to the governor's office of business and economic development (GO-Biz).

The awards will help these companies create a projected 8,223 jobs and generate more than $828 million in total investment across California. The committee voted to approve all 114 tax credit agreements. GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact and strategic importance. Companies are exempted from paying state income taxes in the amount awarded.

“California continues to recruit new companies and help existing companies grow and add jobs in the state,” said GO-Biz director and committee chair Panorea Avdis. “In just three short years, over 680 companies have made commitments to expand in the state and GO-Biz continues to field inquiries from businesses around the world that are interested in moving to California and creating good-paying jobs.”

The California Competes tax credit was created in 2013 by the governor to focus on helping businesses grow and stay in California. This fiscal year, GO-Biz allocated more than $240 million in total tax credits. Since 2014, GO-Biz has allocated $492.5 million to 688 companies projected to create 70,747 new jobs and make $14.4 billion in new investments.

“The California Competes tax credit is a useful tool in maintaining growth and employment opportunities for companies that develop and build in California,” David Rhoades of San Francisco-based Urban Realty Co. Inc., tells GlobeSt.com, “and, it is a smart move to encourage business retention.”

As the Bay Area continues its balance of jobs-creating and transit-oriented projects, a number have received development, acquisition or refinancing dollars in recent weeks.

2150 Webster St., a 10-story, 236,033-square-foot office building located in Oakland's Uptown district, received $70 million in balance sheet financing. The building is currently 100% vacant, allowing for a complete re-branding, repositioning and renovation of the exterior façade and infrastructure. The Uptown location provides access to BART, dining and a growing number of Bay Area employers including Pandora and UBER.

Brad Zampa, Mike Walker and Megan Woodring of the CBRE San Francisco office arranged the five-year bridge financing at a competitive spread priced over 30-day LIBOR on behalf of Lane Partners. The financing was provided by a global investment-management fund.

“2150 Webster represents a unique opportunity to reposition a meaningful block of extremely well-located office space into a class-A creative buildout,” said Walker. “When Lane Partners is finished, it will be one of the premier office venues for tenants in the most dynamic submarket of Oakland.”

Another office property in the supply-constrained downtown San Mateo market has recently been acquired. DivcoWest purchased 101 S. Ellsworth, a class-A office building located just one block from San Mateo's Caltrain station. The 88,000-square-foot six-story building has freeway access and is in a walkable neighborhood surrounded by retail and restaurant amenities. The asset has averaged 99% occupancy during the last 10 years and is one of only five class-A office buildings in San Mateo's downtown core offering more than 80,000 square feet of space.

In addition, development is underway for the Riviera Condominiums, a 48-unit development adjacent to the Walnut Creek BART station, located at 1605 Riviera Ave. The project is also walking distance to downtown retail and entertainment amenities, and is just east of Interstate 680. Holliday Fenoglio Fowler LP secured $23 million in financing for the project, working on behalf of the borrower, a joint venture led by The ADDRESS Company, to secure the floating-rate construction loan through a regional bank. HFF's debt placement team was led by directors Jordan Angel and Bryan Clark, and analyst Zachary Kersten.

PMZ Realty Capital LLC also arranged a $28 million bridge loan for the Radisson Oakland Airport. The property is located steps from Oracle Arena and O.co Coliseum and a 2-mile drive from the Oakland International Airport. The hotel is located off Interstate 880 and a short walk from the Coliseum BART station.

The California Competes tax credit is part of the Governor's Economic Development Initiative, which Governor Brown signed legislation to enact in 2013 (AB 93 and SB 90).