SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that locally based Drawbridge Realty Trust LLC has secured a $150 million revolving credit facility with Cleveland-based KeyBank National Association as the lead arranger and administrative agent. Co-participants on the credit facility include Wells Fargo Bank, National Association; US Bank, National Association; BMO Harris Bank, National Association; and City National Bank.
The credit facility provides Drawbridge with low cost debt capital for new acquisitions, and when combined with the recent $150 million equity investment from New York City-based Almanac Realty Investors, it further enables the company to expand its 2-million-square-foot commercial real estate portfolio, according to a prepared statement.
The current portfolio is comprised of properties located in the Silicon Valley; San Diego; Austin, Texas; and Salt Lake City, Utah. “We are obtaining this new source of capital at an optimal time,” explains Mark Whiting, CEO of Drawbridge. “This is a powerful group of banks backing Drawbridge, and their support will be instrumental in our continued expansion in the Western US.”
The team at Drawbridge has extensive real estate experience and a solid platform, which makes the company an ideal candidate for a revolving credit facility, according to Josh Mayers, VP of KeyBank National Association.
As GlobeSt.com previously reported, in Silicon Valley, the company recent purchased 3201 Scott Blvd. in Santa Clara, CA for $18 million. The 66,106-square-foot two-story office building is leased to Advantest America. At the time, Whiting said that the firm “looks forward to finding more diamonds in the rough to add to our portfolio in the coming months as opportunities arise.”
In addition to Scott Boulevard, Drawbridge Realty Trust recently acquired three office properties in San Diego County. Two of the three buildings are leased to Broadcom Corp. in the Discovery Corporate Center campus at 11020 Via Frontera Dr. and at 16465 Via Esprillo in Rancho Bernardo. The properties were purchased for $53 million and comprise a total 137,438 square feet.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
