Silicon Valley Office Portfolio Lands $195M
- Nov 08, 2017
Preylock Real Estate Holdings has acquired seven triple-net leased office buildings in Santa Clara, Calif. Meridian Capital Group arranged $195 million in bridge financing on behalf of Preylock for the acquisition. The seven-year floating-rate loan features an initial five-year term followed by two, one-year extension options and full-term interest-only payments.
The 626,000-square-foot office and R&D campus is at the center of the high-tech hub and is located at 2770-2800; 2880 and 2890 Scott Blvd.; 2220, 2300, 2330 Central Parkway; and 2001 Walsh Ave. It comprises seven buildings that are 100 percent leased to Nvidia and Huawei. Four of the buildings serve as the U.S. headquarters for Huawei, a multi-national telecommunications equipment company. The remaining three buildings are leased to Nvidia. Occupying nearly the entire square block, the campus is conveniently situated at the intersection of the Central Expressway and the San Tomas Expressway, just blocks away from the 101 Freeway and San Jose International Airport.
“With seven properties, two tenants, multiple lease expiration dates, and different uses throughout the buildings ranging from office to warehouse to high-tech cleanrooms, Preylock was focused on obtaining a loan that was complimentary to the entirety of their business plan, with a lender that was supportive of their vision,” Kovi Elkus, vice president at Meridian Capital Group, said in a prepared statement. “Meridian was successful in identifying a lender who could quickly underwrite this transaction and close in only 34 days after signing a term sheet, a rarity for a portfolio of this size.”
Elkus and Vice President Jackie Tran and Managing Director Seth Grossman arranged the financing.
The company also arranged a $21 million New York City refinancing for Greenwich Village earlier this summer.
Image courtesy of Meridian Capital Group