Bay Area Office Asset Lands $97M Refi

675 Almanor Ave. Image courtesy of Gantry

Dollinger Properties has secured $97 million in permanent financing to retire construction debt for 675 Almanor Road, a 152,000-square-foot office building in Sunnyvale, Calif. Gantry arranged the construction takeout loan on behalf of the owner. According to CommercialEdge data, the loan was originated by AXA Equitable Life Insurance Co. The property is leased by software company Synopsys, which occupies three other buildings nearby.

The non-recourse, permanent interest-only balance sheet loan was structured with flexible payment and term extension options. The borrower’s rate was locked at 90 days in advance of closing and features a sub 4.4 percent rate with interest-only terms and options to extend. As stated in prepared remarks by Director Tony Kaufmann of Gantry, this decision was influenced by the current office market, emerging after the pandemic.

The Class A office building completed in 2020 includes 2,500 square feet of retail space. The property is LEED Gold certified and features on-site electric vehicle charging stations, dining facilities and a roof deck. Floorplates range between 36,315 and 38,112 square feet.

The building is part of Sunnyvale’s Perry Park office district, 10 miles from downtown San Jose and 40 miles from San Francisco. Other notable companies in the area include Google, Facebook, Apple and Amazon.

Gantry recently secured another loan for Dollinger Properties, from United Omaha Life Insurance, for the refinancing of a Silicon Valley tech park.