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Pacific Coast Capital Assumes B Note on Industrial Portfolio

FREMONT, CA-The San Francisco-based firm assumes an $11.5-million B note loan post close from Barclays Capital. The loan was part of the $81.5-million senior loan commitment used by JER Partners and TMG Partners last month to acquire a 1.03-million-sf industrial portfolio here.

By Brian K. Miller | Updated on November 04, 2005

FREMONT, CA-Pacific Coast Capital Partners LLC of San Francisco has assumed post close an $11.5-million B note loan from Barclays Capital. The note was part of the $81.5-million senior loan commitment to a partnership of JER Partners and TMG Partners.

JER and TMG used the financing to acquire an unstabilized 1.03-million-sf industrial portfolio here from Sunnyvale-based Renco Properties. “The B note portion of the financing…was especially appealing to us because it meets our criteria for the higher rate of return that we anticipate by assuming the greater risk of the B piece of the loan,” says PCCP managing director Bryan Thornton.

The acquired portfolio consists of 16 one- and two-story buildings built in the 1990s within the 200-acre master-planned Bayside Technology Park, which includes office retail and hospitality uses. The acquired industrial portfolio is roughly 60% leased with tenants that include Boston Scientific, Cirrus Logic, VA Linux Systems and Oryx Instruments.

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