First Mortgage Loan Goes to JV for Mountain View Office Asset

Mountain View ranks among Silicon Valley’s strongest submarkets, particularly for technology companies attracted by the area’s talent base. Historically, the city has been less volatile compared with other Bay Area submarkets and Mesa West Capital expects that trend to continue during these extraordinary times, says Josh Westerberg.

A good example of that demand can be characterized by a $58.7 million first mortgage loan that was recently provided to a joint venture between the merchant Lincoln Property Company. The loan covers the acquisition and re-tenanting of an 87,565-square-foot Mountain View office building.

The five-year floating-rate loan was provided Mesa West Capital and is secured by 331 Fairchild. Director Westerberg and principal Ronnie Gul led the Mesa West Capital origination team. The financing was arranged by Ramsey Daya, vice chairman of Newmark Capital.

The three-story, Class A, LEED Platinum office building constructed in 2013 is 100% leased to Knowles Electronics through September 2023. The joint venture will invest in a comprehensive capital improvement program. And, a portion of Mesa West Capital’s loan proceeds will fund the capital improvements along with tenant improvements and leasing commissions associated with the building lease-up if Knowles Electronics does not renew its lease.

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