{"id":1004228976,"date":"2018-05-10T02:35:38","date_gmt":"2018-05-10T10:35:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004228976"},"modified":"2022-12-09T01:58:06","modified_gmt":"2022-12-09T09:58:06","slug":"northmarq-arranges-157m-loan-for-bay-area-office-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northmarq-arranges-157m-loan-for-bay-area-office-project\/","title":{"rendered":"NorthMarq Arranges $157M Loan for Bay Area Office Project"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"Menlo<\/a>

Menlo Gateway Phase II, Menlo Park, Calif<\/p><\/div>\n

Thanks to NorthMarq Capital, Bohannon Development Co. and Alexandria Real Estate Equities are now in possession of financing for Phase II of Menlo Gateway, a 16-acre master-planned development in Menlo Park, Calif., in the San Francisco Bay Area. NorthMarq arranged a $157.3 million construction-to-permanent loan for the project, which will yield an additional 521,000 square feet of office space for Facebook. The social media giant has leased Menlo Gateway\u2019s entire 773,000-square-foot office component.<\/p>\n

Phase II of Menlo Gateway consists of 125 and 135 Constitution Drive, two of the three Heller Manus Architects-designed office towers planned for the campus. NorthMarq secured the fixed-rate financing for the development through a life insurance company. The loan features a three-year interest-only term that will convert to a 14-year term upon completion of construction. NorthMarq welcomed a great deal of attention from the lending community for the project.<\/p>\n

\u201cThere was significant interest in this opportunity by life insurance companies, banks, debt funds, and CTL lenders with construction or construction-perm programs given the long-term lease to Facebook, the strong ownership profile, and the property\u2019s location in a top-tier market,\u201d <\/em>Briana Harney, senior investment analyst with NorthMarq Capital, told Commercial Property Executive<\/em>. \u201cUltimately, the selected lender was able to offer a customized solution which matched the borrower\u2019s needs.\u201d\u00a0<\/em>Harney and John Kerslake, senior vice president & managing director with NorthMarq Capital, arranged the financing on behalf of the borrower.<\/p>\n

\"Menlo<\/a>

Menlo Gateway, Menlo Park, Calif.<\/p><\/div>\n

Ground broke on Menlo Gateway in 2016<\/a>, kicking off the transformation of what had been an industrial park into a mixed-use destination at the gateway to Silicon Valley. The first office building, an eight-story office structure encompassing 252,000 square feet at 100 Independence Drive, has already reached completion, as has the 250-key Autograph Collection hotel<\/a>, which was part of Phase I. Phase II is on schedule to reach completion in the fourth quarter of 2019.<\/p>\n

Repeat business<\/strong><\/h2>\n

NorthMarq is no stranger to Menlo Gateway; the commercial real estate financial intermediary orchestrated financing for the development on a previous occasion. In March 2017, NorthMarq arranged a $145 million construction loan<\/a> through Square Mile Capital for the campus\u2019s first office building, as well as a 40,000-square-foot fitness center to be operated by Bay Club and a 1,000-space parking garage, one of three that will ultimately stand at the site.<\/p>\n

Image courtesy of Bohannon Development Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Borrowers Bohannon Development Co. and Alexandria Real Estate Equities will use the financing to develop the 521,000-square-foot Phase II of Menlo Gateway, which will be occupied by Facebook.<\/p>\n","protected":false},"author":969,"featured_media":1004228988,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21742,21747,1609,15],"tags":[32827,35709,40316,34291],"class_list":["post-1004228976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-latest","category-office","category-san-francisco","category-west","tag-alexandria-real-estate-equities-inc","tag-facebook","tag-heller-manus-architects","tag-northmarq-capital"],"acf":[],"yoast_head":"\nNorthMarq Arranges $157M Loan for Bay Area Office Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northmarq-arranges-157m-loan-for-bay-area-office-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NorthMarq Arranges $157M Loan for Bay Area Office Project\" \/>\n<meta property=\"og:description\" content=\"Borrowers Bohannon Development Co. and Alexandria Real Estate Equities will use the financing to develop the 521,000-square-foot Phase II of Menlo Gateway, which will be occupied by Facebook.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/northmarq-arranges-157m-loan-for-bay-area-office-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-10T10:35:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:58:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Menlo-Gateway-Phase-II-Menlo-Park-Calif.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northmarq-arranges-157m-loan-for-bay-area-office-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/northmarq-arranges-157m-loan-for-bay-area-office-project\/\",\"name\":\"NorthMarq Arranges $157M Loan for Bay Area Office Project - 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