January 13, 2021
Square Mile Capital Management LLC closed a $114-million loan to finance the construction of 100 Altair, a 180,000-square-foot office building to be built in downtown Sunnyvale. The borrower was the Minkoff Group, a Silicon Valley-based developer led by Daniel Minkoff and Will Birdsey.
Minkoff acquired the land for $32.7 million in December 2020 and plans to commence construction later this month. Upon completion in 2023, the seven-story building will feature floor-to-ceiling windows, a landscaped roof deck, private balconies and a four-story subterranean garage. The project is targeting LEED Gold certification.
Square Mile Capital’s Eric Cohen says, “The Minkoff Group has a proven track record of developing best-in-class office buildings throughout Silicon Valley and we are excited to be executing this transaction with them.”
The financing was arranged by JLL’s Chris Gandy. Square Mile Capital served as the mezzanine lender, with Bank OZK as the senior lender.
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Tags: Development, Financing
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