Vertical Ventures receives $46m in financing for San Jose R&D property
Vertical Ventures has received $46m million in finanncing for Hellyer Oaks which is a 347,434 square foot technology park in South San Jose, California.
The asset was originally built in 1984 and completely renovated in 2012. Hellyer Oaks is located at 5215 Hellyer Ave. It is near U.S. 101, offering convenience to the Greater San jose CBD. Hellyer Oaks Technology Park is comprised of two, multi-tenant Flex/ R&D buildings containing a total of 349,892 square feet of net rentable area.
Vertical Ventures acquired the property in 2017. Besides, it has upgraded the asset with the addition of new outdoor amenities.
NorthMarq’s San Francisco office secured a bridge financing loan for the owner, with a floating-rate and two-year interest-only term.
Nathan Prouty, NorthMarq Capital’s senior vice president & managing director, said in statement, “Following the impressive leasing velocity since Vertical Ventures’ acquisition, this new financing facility both reduced borrowing costs and provided additional capital needed to fully stabilize the project.”
Source: CP Executive
Fulya Altunyay/ [email protected]