June 28, 2017 Comments Off on PCCP Provides $79M Loan for Development of Redwood City MXU Views: 1092 Bay Area, California News

PCCP Provides $79M Loan for Development of Redwood City MXU

PCCP, LLC provided a $78.6-million construction loan to Menlo Park, CA-based Lane Partners for the development of Broadway Station, a substantially pre-leased, 114,859-square-foot, Class A office and retail building located in downtown Redwood City, CA. With this loan in place, construction will commence in Q3 2017, and is expected to be completed in summer 2019.

Lane Partners pre-leased 100% of the office space in the building to the Chan Zuckerberg Initiative (CZI). CZI was founded in 2015 by Facebook founder, Mark Zuckerberg and his wife Priscilla Chan.

PCCP’s Erik Flynn says, “We really believe in this project, as it has a strong local developer that is building a well-located, transit-oriented office product in the Bay Area.”

The four-story building at 2075 Broadway St. will have two outdoor terraces, two levels of subterranean parking, and is near the Redwood City Caltrain Station.

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