{"id":1004318312,"date":"2019-04-19T05:01:35","date_gmt":"2019-04-19T13:01:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004318312"},"modified":"2019-04-19T05:12:14","modified_gmt":"2019-04-19T13:12:14","slug":"pccp-provides-103m-loan-for-silicon-valley-office-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pccp-provides-103m-loan-for-silicon-valley-office-project\/","title":{"rendered":"PCCP Provides $103M Loan for Silicon Valley Office Project"},"content":{"rendered":"
\"\"<\/a>

600 Clyde Ave. Image courtesy of PCCP LLC<\/em><\/p><\/div>\n

PCCP LLC has helped pave the way for Renault & Handley Mid-Peninsula Joint Venture\u2019s development of 600 Clyde Ave., a 190,000-square-foot office building in Mountain View, Calif. The real estate finance and investment management firm provided Renault & Handley with a $103 million senior loan for the premier Silicon Valley project, which will be occupied in its entirety by Google.<\/p>\n

Renault & Handley is erecting 600 Clyde at 580 and 620 Clyde Ave., a site the joint venture had acquired in 1968. Two light industrial buildings encompassing a total of 75,000 square eventually called the space home until 2018, when they were demolished to make room for the 600 Clyde project. News of Google\u2019s signing of a lease for the entire building emerged during the first quarter of 2019. The project ticked a host of boxes for PCCP.<\/p>\n

\u201cThis loan provides PCCP with an ideal combination of best-in-market real estate product, robust Mountain View office market, and a long-term lease by a very strong credit tenant,\u201d<\/em> Dorian Farhang, vice president with PCCP LLC, said in a prepared statement. \u201cAdditionally, the project administrator, Renault & Handley, is an established full-service brokerage and property management firm with significant experience in the Silicon Valley market.\u201d<\/em><\/p>\n

Upon completion, the five-story 600 Clyde will offer such amenities as a 9,600-square-foot sky-deck and a landscaped amenity area spanning 12,500 square feet. The LEED Platinum-certified property will also feature a photovoltaic power generation installation and a storm water harvesting system. Renault & Handley plans to deliver 600 Clyde in July 2020.<\/p>\n

Keeping up the pace<\/strong><\/h2>\n

With more than $2 billion in mortgage lending, PCCP ranked among the top 10 investor-driven lenders in the U.S. in 2018, according to a report by the Mortgage Bankers Association. And it appears the firm isn\u2019t slowing down in 2019. PCCP\u2019s larger transactions during the first quarter of the year included a $152 million senior loan<\/a> to Quinlan Development Group and Building and Land Technology for the recapitalization and lease-up of the 270,000-square-foot office tower at 41 Flatbush Ave. in downtown Brooklyn. More recently, the firm provided Sunroad Enterprises with a $145 million senior loan for the development of the 442-unit Sunroad Centrum Phase 6 multifamily project in San Diego.<\/p>\n

\u201cMortgage real estate investment trusts, debt funds and other \u2018investor-driven lenders\u2019 are one of the hottest capital sources in today’s commercial real estate finance markets,\u201d<\/em> according to the MBA report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Renault & Handley Mid-Peninsula Joint Venture is building 600 Clyde Ave., a 190,000-square-foot development in Mountain View, Calif., which will be occupied in its entirety by Google.<\/p>\n","protected":false},"author":969,"featured_media":1004318381,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21742,21747,36079,15],"tags":[39128,33286,34040,33053,44474,45290],"class_list":["post-1004318312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-latest","category-office","category-san-jose","category-west","tag-dorian-farhang","tag-google","tag-mortgage-bankers-association","tag-pccp-llc","tag-quinlan-development-group","tag-sunroad-enterprises"],"acf":[],"yoast_head":"\nPCCP Provides $103M Loan for Silicon Valley Office Project - 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