The seller is Matteson Cos. of Redwood City. Through a third party, Matteson declined to name the buyer, an institutional investor, and did not return a phone call seeking comment. The listing broker also could not be reached for comment.
To complete the sale, Matteson had to first complete a defeasance of the collateralized debt on the property. Capital Defeasance Group of San Francisco structured and closed the $22-million transaction.
Matteson will save $300,000 on the transaction by having the defeasance structured such that it will pay off the loan at the front end of the six-month early-closing window allowed for in the financing agreement, a source at Capital Defeasance Group tells GlobeSt.com.
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