Northmarq negotiates $35 million refinance of 337,585 sq. ft. industrial property in San Jose, California
SAN FRANCISCO, CALIFORNIA (February 28, 2022) – John Kerslake, senior vice president and Briana Harney, vice president in Northmarq’s San Francisco debt/equity office arranged the $35 million refinance of a seven building, 337,585 sq. ft. industrial property (built in 1995) located at 1100-1070 Commercial Street in San Jose, California. The transaction was structured with a 10-year interest-only term. Northmarq secured the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
The multi-tenant property resides on 18.6 acres and offers three types of spaces to accommodate a variety of users. The property uses are approximately one third warehouse, one third light industrial and one third incubator space. Situated adjacent to the I-880 and I-101 interchange, the property provides easy access to San Jose, the Peninsula and San Francisco via I-101, and the East Bay via I-880. It is four miles from San Jose International Airport, giving tenants easy access to and from major cities and transportation hubs in the region. Additionally, it’s proximity to the heart of Silicon Valley has attracted a diverse roster of tenants in the incubator space.
“Northmarq was able to quickly rate lock in a short-form term sheet while the 10-year treasury rate was attractively low. The lender offered a competitive structure with full term I.O. and prepay flexibility in the last three years of the loan,” said Kerslake.
