DivcoWest JV Lands $34M for San Francisco Project
- Jun 11, 2020
A partnership between Dewey Land Co. and DivcoWest has obtained a $33.8 million construction loan for a 44,605-square-foot, speculative office project in Burlingame, Calif. The project is set to deliver in 2022.
Located on a 0.3-acre parcel at 250 California Drive, the building will rise four stories and have ground floor retail space and a three-level underground parking deck. The transit-oriented property is close to the Burlingame Caltrain station, 4 miles from San Francisco International Airport and 17 miles from the city’s center. Additionally, the site is close to Highway 101 and State Route 82 and roughly 2 miles from downtown San Mateo.
JLL Managing Directors Chris Gandy and Jordan Angel assisted the joint venture in securing the mortgage for the Green Building LEED-proposed development.
In May, DivcoWest received a $36 million refinancing package for 180 Townsend, a 40,917-square-foot office building in San Francisco. The company will use the funds to renovate the adaptive reuse property, which was converted to office space in 2000.