December 12, 2017
CIT Group Inc. provided $35 million in financing for Plaza 360, a 115,186-square-foot, creative office building in Oakland, CA. The five-year, nonrecourse floating-rate loan was secured on behalf of New York-based Brickman.
Loan proceeds were used to acquire the property, with a portion of the undisbursed funds allocated for common area upgrades and tenant improvements. The property is an eight-story creative office building with ground level retail space. HFF worked on behalf of the borrower to arrange the financing.
CIT’s Matt Galligan says, “Plaza 360 is located in Oakland’s Uptown District, a prime spot close to restaurants, shops and several transportation options. This transaction is the first with Brickman, and demonstrates our effort to provide secure financing that maximizes value for developers.”
For comments, questions or concerns, please contact Dennis Kaiser