Thursday, August 30, 2012
SAN FRANCISCO, CA – HFF announced today that it has arranged a $46 million financing for Almaden Financial Plaza (top left photo), a three-building, 415,000-square-foot, Class A office complex in downtown San Jose, California.
HFF worked exclusively on behalf of the property owner, an affiliate of Embarcadero Capital Partners LLC, to secure the five-year, fixed-rate loan through Guardian Life Insurance Company of America.
The HFF team representing Embarcadero was led by managing director Peter Smyslowski (middle right photo) senior managing director Gerry Rohm (lower left photo) and managing directors Kevin Redford (lower right photo) and James Fowler.
Loan proceeds were used to refinance a maturing securitized loan and provide additional capital for future building improvements and leasing costs.
The loan was structured with a three-year, interest-only period followed by a 30-year amortization schedule, and is open to pre-payment at par after 18 months.
Almaden Financial Plaza is centrally located at 1, 55 and 99 Almaden Boulevard in San Jose’s downtown business district, close to Highways 101, 280, 87 and 85, as well as the San Jose International Airport and the HP Pavilion.
Property amenities include an on-site café and close proximity to the restaurants and shops along Santa Clara and San Pedro Streets, city views, efficient floor plates and ample parking in a “state-of-the-art” garage. Anchor tenants at the project include Bridge Bank, Wells Fargo and Union Bank.
“Almaden Financial Plaza has enormous upside potential. As the overall Silicon Valley market recovery continues to accelerate, the property is well positioned to outperform the market,” said Smyslowski.
Embarcadero Capital Partners LLC is a real estate investment and management firm based on the San Francisco peninsula with a large number of assets in dynamic, development-constrained West Coast markets, including San Francisco, San Jose, Cupertino, Palo Alto, Mountain View, Belmont, Pleasanton, Westside Los Angeles and Pasadena.
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