SAN FRANCISCO (August 27, 2015) – Jeffrey Weidell, president, and Andrew Slaton, vice president of NorthMarq Capital’s San Francisco based regional office arranged financing of $37 million for 3000 Sand Hill Road, a 175,8400 sq.ft. office building in Menlo Park, California.
Built by the sponsor in phases between 1971 and 1986, the multi-building office campus is located on Sand Hill Road near the Interstate 280, an area notable for its concentration of venture capital companies. The property is leased to over forty small and mid-sized firms.
Weidell noted, “As part of the elite Sand Hill submarket, 3000 Sand Hill has historically performed extremely well. Occupancy over the last decade has been in the range of 90% or higher and it commands rents in excess of the top of the range of asking rates for comparable properties. The campus feel, on-site restaurant and fitness amenities, and the borrower’s high level pride-of-ownership management style contribute to its success. There were a number of deal points that helped us negotiate attractive terms, including a best-in-class borrower, conservative leverage, and a high-quality asset in a robust and desirable submarket.”
The refinance of this attractive property was arranged on behalf of an affiliate of The Ford Land Company through NorthMarq Capital’s correspondent relationship with Nationwide Life Insurance Company. The transaction was structured with a 12-year term and 20-year amortization schedule.