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$92M Refinances 400,000-SF Parkside Towers

FOSTER CITY, CA-Harvest Properties Inc. and Invesco Realty Advisors refinance the fully leased office complex it acquired earlier this year for $180 million.

By Brian K. Miller | Updated on April 15, 2008

FOSTER CITY, CA-The new owners of the 400,000-sf Parkside Towers office complex here have refinanced the asset with a $92-million loan from MetLife, according to Northmarq Capital Inc., which arranged the loan. Northmarq says the transaction was structured to accommodate the expansion of the lead tenant, Rearden Commerce, which is being phased in over the next year.

The property owner is a joint venture of Harvest Properties Inc. of Emeryville, CA, and Invesco Realty Advisors of Dallas. The duo paid $180 million ($450 per sf) for the asset earlier this year. The seller was a 90-10 partnership of Sterling American Property and Hines.

The new first mortgage financing was based on a six-year term with two years interest only followed by a 30-year amortization schedule, according to Northmarq. The company’s San Francisco-based SVP and managing director Dennis Williams arranged the loan.

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