June 13, 2017
CBRE Capital Markets’ debt and structured finance team secured $45 million in long-term financing for the acquisition of Torre Plaza, an 88,580-square-foot, Class A, institutional-quality office building in Cupertino, CA. CBRE’s Shawn Rosenthal secured the loan on behalf of the borrower, an affiliate of Harbor Group International, LLC. The 10-year interest-only loan was provided by JP Morgan.
Rosenthal says, “The combination of a AA- credit rated tenant, a strong and active sponsorship group, and the healthy Cupertino office market led to heated competition for this loan from the financing markets. The end product was an aggressively priced 10-year interest-only loan.”
The three-story property is situated on a 4.2-acre site in the heart of Cupertino. The property is 100% leased to a leading online retailer.
For comments, questions or concerns, please contact Dennis Kaiser