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Sand Hill Lands MOB Construction Loan

SAN FRANCISCO-Sand Hill Property Co. closes on $10.85-million of construction and permanent financing for a 20,500-square-foot medical office building in Palo Alto.

By Brian K. Miller | Updated on November 06, 2008

SAN FRANCISCO-Sand Hill Property Co. has closed on a $10.85-million construction and permanent financing for the development of a medical office building in Palo Alto, according to CBRE Capital Markets Debt & Equity Finance Group, which sourced the loan.

The three-story, 20,750-square-foot building will be built on one-half acre at 49 Wells Ave, west of Highway 101 and north of Page Mill Road in Palo Alto. The entire site was previously occupied by a single warehouse. Sand Hill is hoping to obtain a LEED Silver rating from the US Green Building Council.

The new building will rise 46-feet from the ground and have two levels of subsurface parking that will accommodate 68 vehicles. The space has been fully preleased by a medical foundation that will use the facility to provide health services to women.

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