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CBRE Secures Refi on Redwood City Offices
CBRE Capital Markets’ Debt & Structured Finance group secured a $37.75-million loan to refinance 101 Redwood Shores, a Class A office building located in Redwood City. EVP Mike Walker and Brad Zampa of CBRE’s Northern California Capital Markets Institutional Properties team represented the sponsor, Diamond Investment Properties. A Chicago-based financial institution originated the loan.
“The property’s modern amenities, prime location and the opportunity for a long-term relationship with the sponsor led to an attractive outcome,” said Walker. “Financing office assets requires incredible creativity right now due to the broader headwinds in the asset class. Achieving a balance sheet execution with an accretive combination of pricing and proceeds is a win and sets a great comp for the market as liquidity begins to return to the asset class.”
101 Redwood Shores is 100,000-plus-square-foot office building that is 100% leased to Zuora for approximately five years. It’s located just off U.S. 101 on the San Francisco Peninsula.
