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Acquisition Financing Arranged for 150K-SF Fremont R&D Park
February 26, 2019
Fremont Business Center, a nearly 150,000-square-foot, multi-tenant R&D business park in Fremont, CA, has traded hands. Talonvest Capital, Inc. arranged a $22.45 million bridge loan on behalf of Irvine, CA-based CIP Real Estate for the acquisition. The non-recourse bank loan with a four-year term will finance up to 68% of total project costs, including future funding for capital improvements and leasing costs.
CIP Real Estate’s Eric Smyth says, “We got the best combination of pricing, terms, and flexibility on this loan because of the competition Talonvest created.”
The five-building property offers suite sizes from 5,736 to 28,391 square feet, with office-lab-warehouse components to capture a variety of tenant uses. Fremont Business Center will benefit from additional capital improvements, supplementing recently-completed upgrades, ample parking, the staggered tenant rollover at below-market existing rental rates, and individually parceled buildings.
Talonvest’s team involved in the transaction included Erich Pryor, Tom Sherlock, and Eric Snyder.