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PCCP Acquires B Note From Barclays

SAN FRANCISCO-The note is part of the $120-million senior loan package to refinance existing debt on Bayside I, a 16-building property, and eight other assets within Bayside Technology Park.

By Brian K. Miller | Updated on July 20, 2006

(To read more on the debt and equity markets, click here.)

SAN FRANCISCO-Pacific Coast Capital Partners has acquired a $17-million B note from Barclays Capital as part of an overall $120-million senior loan used to refinance an existing loan on Bayside I, a 16-builidng portfolio, and finance eight additional office/R&D buildings within the Bayside Technology Park in Fremont, CA. The total portfolio now consists of 17 office/R&D buildings comprising 1.13 million sf.

The borrowers, JER Partners and TMG Partners, acquired Bayside I, a 16 office/R&D portfolio, in September 2005 for a purchase price of $129 million. From that purchase, 13 office/R&D buildings were financed with an $81.5 million loan from Barclays Capital, from which PCCP purchased an $11.5 million B note. The remaining three buildings were unencumbered by the original senior loan. In March 2006, four of the Bayside I buildings were sold, reducing the portfolio to 581,906 sf with an occupancy of 45%.

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