{"id":1004473390,"date":"2020-08-25T04:13:00","date_gmt":"2020-08-25T12:13:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004473390"},"modified":"2020-08-25T05:24:44","modified_gmt":"2020-08-25T13:24:44","slug":"silicon-valley-office-asset-obtains-155m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-obtains-155m-refi\/","title":{"rendered":"Silicon Valley Office Asset Obtains $155M Refi"},"content":{"rendered":"
\"\"<\/a>

Coleman Highline. Image courtesy of Hunter Storm<\/em><\/p><\/div>\n

Sansome Partners and Hunter Properties have secured a $155 million loan package for the refinancing of a segment of Coleman Highline, an approximately 1.7 million-square-foot mixed-use development in the pandemic-resilient tech town<\/a> of San Jose, Calif., according to the Commercial Observer<\/em>. Goldman Sachs and Deutsche Bank originated the financing for the Silicon Valley asset.<\/p>\n

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READ ALSO<\/strong>: CMBS Delinquencies Appear to Stabilize\u2014For Now<\/a><\/p>\n

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Coleman Highline is a sprawling live-work-play destination that will ultimately feature eight mid-rise office towers totaling approximately 1.5 million square feet, three amenity buildings encompassing an aggregate 53,000 square feet, a 175-key Element hotel, a public retail building and 1,600 residential units. As noted in the Commercial Observer<\/em> article, the refinancing came in the form of CMBS debt that is part of the $630.8 million DBJPM 2020-C9 Mortgage Trust transaction.<\/p>\n

Moody’s Investors Service details the Coleman Highline financing in its August 17, 2020, credit opinion on DBJPM 2020-C9 Trust, which is backed by a pool of 30 loans secured by 146 commercial properties. Of the $155 million Coleman Highline financing, a $30 million fixed-rate loan with an interest rate of 2.8 percent is part of the pool, with the remaining $125 million consisting of five pari passu senior notes to be contributed to future securitizations.<\/p>\n

Coleman collateral<\/strong><\/h2>\n

According to Moody’s, the Coleman Highline financing is secured by Phase II of Coleman Highline, which consists of the approximately 194,800-square-foot Building 3 and the 163,300-square-foot Building 4 office structures, as well as the 22,900-square-foot Building A2. “The properties are Class A office buildings designed to the highest quality standards by Gensler. Building A2, the amenities building, features dining options, conference rooms and an auditorium,” <\/em>according to the Moody’s document.<\/p>\n

Hunter Properties’ development arm Hunter Storm LLC delivered all three structures in 2020 at a development cost of $249.1 million, and all three are leased to streaming platform Roku Inc. under a triple-net lease agreement featuring an expiration date in 2030 and the option for one seven-year extension. Roku now maintains a global headquarters at Coleman Highline encompassing two additional buildings from Phase I for a total footprint of roughly 738,000 square feet.  <\/p>\n

Moody’s cites a handful of strengths supporting the Coleman Highline financing, including asset quality, tenancy, sponsorship and the all-important location. “The Coleman Highline property benefits from being positioned across a pedestrian bridge from the Santa Clara Caltrain station, the most widely used mode of public transit between San Francisco and San Jose,”<\/em> in Moody’s opinion. Additionally, the property sits within the San Jose Airport submarket, which, according to a report by Cushman & Wakefield, was one of only two submarkets in Silicon Valley to see an increase in office rents in the second quarter of 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sansome Partners and Hunter Properties have secured CMBS debt for the second phase of the 1.7 million-square-foot Coleman Highline development that is fully occupied by streaming platform Roku.<\/p>\n","protected":false},"author":969,"featured_media":1004473396,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21752,21742,21747,36079,15],"tags":[35826,32799,32791,33012,33435],"class_list":["post-1004473390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-mixed-use","category-latest","category-office","category-san-jose","category-west","tag-cmbs","tag-cushman-wakefield","tag-deutsche-bank","tag-gensler","tag-goldman-sachs"],"acf":[],"yoast_head":"\nSilicon Valley Office Asset Obtains $155M Refi - 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\/silicon-valley-office-asset-obtains-155m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silicon Valley Office Asset Obtains $155M Refi\" \/>\n<meta property=\"og:description\" content=\"Sansome Partners and Hunter Properties have secured CMBS debt for the second phase of the 1.7 million-square-foot Coleman Highline development that is fully occupied by streaming platform Roku.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-obtains-155m-refi\/\" \/>\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=\"2020-08-25T12:13:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-25T13:24:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Coleman-Highline-San-Jose-Calif.-e1644226399724.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\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\/silicon-valley-office-asset-obtains-155m-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-obtains-155m-refi\/\",\"name\":\"Silicon Valley Office Asset Obtains $155M Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-obtains-155m-refi\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-obtains-155m-refi\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Coleman-Highline-San-Jose-Calif.-e1644226399724.jpg\",\"datePublished\":\"2020-08-25T12:13:00+00:00\",\"dateModified\":\"2020-08-25T13:24:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-obtains-155m-refi\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-obtains-155m-refi\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-asset-obtains-155m-refi\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Coleman-Highline-San-Jose-Calif.-e1644226399724.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Coleman-Highline-San-Jose-Calif.-e1644226399724.jpg\",\"width\":800,\"height\":600,\"caption\":\"Coleman Highline. 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