(Save the dates: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24, and RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
SAN FRANCISCO-Newmark Knight Frank Cornish & Carey Commercial Capital Group has closed $250 million in structured-debt placements in seven transactions in the last 30 days. The locally based team, which includes Brad Zampa, senior managing director; John Mix; Ben Bullock; and Matt Benoit, is also currently marketing another half-billion dollars in financings.
“We are thrilled to see the capital markets working efficiently once again,” Zampa tells GlobeSt.com. “All buckets of capital appear to have recovered but for spec construction financing.”
In September, the firm closed a $40-million loan in an owner/user financing on Sanmina-SCI’s 30,000-square-foot world headquarters in North San Jose, CA. Union Bank was the lender for the bank balance-sheet financing.
Next, the firm closed a $15-million loan on an approximately 140-unit multifamily deal in Brentwood, CA, for Town Center Commons. Walker & Dunlop was the lender for the Freddie Mac execution, and the borrower was Ridge Capital Investors.
The group also closed a $14.5-million, 10-year fixed CMBS loan with Deutsche Bank as the lender for Regatta Distribution Center, a 430,000-square-foot warehouse in Richmond, CA. The borrower was DR Stephens.
The firm also refinanced two cross-collateralized office towers in Denver totaling 485,000 square feet for $59 million. The senior loan for the borrower, Broadreach Capital Partners, was $49 million with Mesa West Capital, and C&C layered in a $10-million mezzanine financing with Investcorp out of New York. The loan-to-value for the two class-A towers was at 85%.
Additionally, the firm closed a $30.6-million loan for 1600 Technology Dr. in San Jose, a class-A, single-tenant office building leased to Atmel. The borrower for the 200,000-square-foot property was Techcore, an affiliate of GI Partners, and Northwestern Mutual life insurance company was the lender.
As GlobeSt.com previously reported, the firm represented the seller, Lane Partners and Walton Street, in the disposition of a three-building, class-A, R&D office complex on approximately 11 acres at 51, 77 and 145 Rio Robles Dr. in San Jose, which is partially occupied by SunPower Corp. GlobeSt.com has now learned that NKFC&CC Capital Group closed a loan for $23.4 million for the 186,000-square-foot property—two buildings of which are leased to SunPower and one of which is vacant—for buyers Ridge Capital with W3 Partners in a joint venture with Bank of America on a bridge balance sheet transaction.
Most recently, the group closed on a $64-million loan for the North First Technology portfolio, which consists of six institutional-quality office/R&D buildings totaling approximately 486,000-square-foot in North San Jose. The borrower was LBA on the Bank of America balance-sheet financing for the portfolio, which is 95% leased.
In addition, the firm is currently prominently marketing the construction financing for LinkedIn’s build-to-suit world headquarters in Sunnyvale, CA, which will be a roughly 556,000-square-foot, class-A office building expected to cost $208 million to construct. The borrower is DiNapoli & Cos., which has leased its development site to LinkedIn on a 12-year lease.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
