{"id":1004676623,"date":"2023-08-17T04:05:45","date_gmt":"2023-08-17T12:05:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004676623"},"modified":"2023-08-17T05:06:08","modified_gmt":"2023-08-17T13:06:08","slug":"tmg-partners-lands-172m-for-bay-area-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tmg-partners-lands-172m-for-bay-area-asset\/","title":{"rendered":"TMG Partners\u2019 $172M Bay Area Loan Sets a Record"},"content":{"rendered":"
\"300<\/a>

300 Lakeside became subject to the largest C-PACE loan on an office property in the U.S. so far. Image courtesy of GreenRock Capital<\/em><\/p><\/div>\n

TMG Partners <\/b>has secured $172 million in C-PACE financing for 300 Lakeside Drive, a 910,000-square-foot office building in Oakland, Calif. GreenRock Capital <\/b>provided the loan in conjunction with KeyBanc Capital Markets<\/b>.<\/p>\n

The transaction marks the largest C-PACE loan on a U.S. office property to date. The building was already subject to a $430 million loan from Goldman Sachs<\/b>, according to CommercialEdge data.<\/p>\n

An office tower in Oakland’s CBD<\/h2>\n

TMG acquired 300 Lakeside in 2020 from Rockpoint Group and The Swig Co. The $449.8 million portfolio transaction also involved Kaiser Center Mall, a 128,700-square-foot office and retail asset located nearby.<\/p>\n

Completed in 1961, the office tower rises 29 stories and features 46,541-square-foot floorplates, 17,000 square feet of retail space and a 3.5-acre rooftop garden. The C-PACE financing will provide the necessary funding for various property upgrades such as a complete HVAC overhaul, envelope sealing for energy efficiency, water conservation measures and a complete seismic retrofit.<\/p>\n

The LEED Platinum-certified building serves as headquarters for Pacific Gas & Electric Co.<\/strong> The company exercised an initial option to buy the property in 2020, stipulating a price of $892 million; PGE recently amended the offer, moving the closing date to 2025.<\/p>\n

The high-rise is some 12 miles from downtown San Francisco within Oakland\u2019s Central Business District. Other tenants at the property include University of California, LiquidSpace and AECOM, CommercialEdge information shows.<\/p>\n

C-PACE as a new financing opportunity<\/h2>\n

Current economic headwinds such as rising interest rates and reduced availability of debt have made C-PACE financing<\/a> considerably more attractive. GreenRock Capital Managing Principal Chris Robbins stated in prepared remarks that this form of capital is quickly becoming mainstream in commercial real estate markets.<\/p>\n

GreenRock Principal Michael Lincoln recently told Commercial Property Executive <\/i>that retroactive C-PACE financings put lenders in a better situation, as the collateral stays the same but at less exposure, when discussing the growing number of use cases<\/a> for this type of debt.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two lenders originated the largest-ever C-PACE financing for a U.S. office asset.<\/p>\n","protected":false},"author":3120,"featured_media":1004676626,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742,21747,1609,15],"tags":[36969,33435,35563,32779,37727,33148],"class_list":["post-1004676623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest","category-office","category-san-francisco","category-west","tag-c-pace","tag-goldman-sachs","tag-keybanc-capital-markets","tag-leed","tag-pacific-gas-and-electric-company","tag-tmg-partners"],"acf":[],"yoast_head":"\nTMG Partners\u2019 $172M Bay Area Loan Sets a Record - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"TMG Partners has secured $172 million in C-PACE financing for 300 Lakeside Drive, a 910,000-square-foot office building in Oakland, Calif.\" \/>\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\/tmg-partners-lands-172m-for-bay-area-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TMG Partners\u2019 $172M Bay Area Loan Sets a Record\" \/>\n<meta property=\"og:description\" content=\"TMG Partners has secured $172 million in C-PACE financing for 300 Lakeside Drive, a 910,000-square-foot office building in Oakland, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tmg-partners-lands-172m-for-bay-area-asset\/\" \/>\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=\"2023-08-17T12:05:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-17T13:06:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/300-Lakeside-e1692266755379.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2444\" \/>\n\t<meta property=\"og:image:height\" content=\"1833\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\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\/tmg-partners-lands-172m-for-bay-area-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/tmg-partners-lands-172m-for-bay-area-asset\/\",\"name\":\"TMG Partners\u2019 $172M Bay Area Loan Sets a Record - 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