{"id":1004308781,"date":"2019-03-15T03:04:05","date_gmt":"2019-03-15T11:04:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004308781"},"modified":"2019-03-15T03:04:05","modified_gmt":"2019-03-15T11:04:05","slug":"san-jose-rd-property-lands-46m-bridge-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-jose-rd-property-lands-46m-bridge-loan\/","title":{"rendered":"San Jose R&D Property Lands $46M Bridge Loan"},"content":{"rendered":"
\"Hellyer<\/a>

Hellyer Oaks<\/p><\/div>\n

Vertical Ventures has received $46 million in financing for Hellyer Oaks, a 347,434-square-foot technology park in South San Jose, Calif.<\/p>\n

NorthMarq\u2019s San Francisco office secured a bridge financing loan for the owner, with a floating-rate and two-year interest-only term.<\/p>\n

\u201cFollowing the impressive leasing velocity since Vertical Ventures\u2019 acquisition, this new financing facility both reduced borrowing costs and provided additional capital needed to fully stabilize the project,<\/em>\u201d Nathan Prouty, NorthMarq Capital\u2019s senior vice president & managing director, said in a prepared statement.<\/p>\n

Located at 5215 Hellyer Ave., on nearly 21 acres, the property is near U.S. 101, offering convenience to the Greater San Jose CBD.<\/p>\n

Hellyer Oaks was originally built in 1984 and completely renovated in 2012. Vertical Ventures acquired the property in 2017 and since taking ownership, it has upgraded the asset with the addition of new outdoor amenities.<\/p>\n

\u201cThe borrower will continue to improve spaces for tenants drawn to the desirable campus-like setting in South San Jose, an attractive alternative to the more costly and undersupplied downtown market,<\/em>\u201d Prouty said.<\/p>\n

R&D in strong demand<\/strong><\/h2>\n

According to Vertical Ventures research, the South San Jose R&D market has seen large growth over the past few years and boasts one of the most compelling stories within the current Silicon Valley landscape.<\/p>\n

Cushman & Wakefield\u2019s most recent Silicon Valley Market Beat for R&D properties revealed job growth in the San Jose metro showing increases of 3.2 percent year-over-year, which was larger than any other city in the Bay Area in 2018.<\/p>\n

Last Summer, NorthMarq Capital arranged a $157.3 million construction-to-permanent loan<\/a> for Bohannon Development Co. and Alexandria Real Estate Equities for Phase II of Menlo Gateway, a 16-acre master-planned development in Menlo Park, Calif., in the San Francisco Bay Area.<\/p>\n

Image courtesy of NorthMarq
\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Working on behalf of Vertical Ventures, NorthMarq\u2019s San Francisco office secured the financing for Hellyer Oaks, a two-building asset totaling nearly 350,000 square feet.<\/p>\n","protected":false},"author":451,"featured_media":1004308811,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742,21747,36079,15],"tags":[32799,34291],"class_list":["post-1004308781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest","category-office","category-san-jose","category-west","tag-cushman-wakefield","tag-northmarq-capital"],"acf":[],"yoast_head":"\nSan Jose R&D Property Lands $46M Bridge Loan - 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\/san-jose-rd-property-lands-46m-bridge-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Jose R&D Property Lands $46M Bridge Loan\" \/>\n<meta property=\"og:description\" content=\"Working on behalf of Vertical Ventures, NorthMarq\u2019s San Francisco office secured the financing for Hellyer Oaks, a two-building asset totaling nearly 350,000 square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/san-jose-rd-property-lands-46m-bridge-loan\/\" \/>\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=\"2019-03-15T11:04:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Hellyer-Oaks.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=\"Keith Loria\" \/>\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\/san-jose-rd-property-lands-46m-bridge-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/san-jose-rd-property-lands-46m-bridge-loan\/\",\"name\":\"San Jose R&D Property Lands $46M Bridge Loan - 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