SAN MATEO, CA-CBRE Capital Markets' Debt & Structured Finance group recently arranged permanent financing for 777 Mariners Island, a 187,435-square-foot office building in San Mateo.
The $35 million loan carries a five-year term at a market spread over LIBOR, and an approximate LTC of 50%. Wells Fargo Bank provided the financing.
Mike Riccio and Susan Larkin of CBRE's Hartford, CT, office, along with Jim Korinek of CBRE's San Francisco office, arranged the financing on behalf of the borrower, a single-asset entity controlled by Cornerstone Real Estate Advisers, based in Hartford.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
