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KKR Real Estate Finance Trust Provides $581M Construction Loan For Development Site In Redwood City, CA

Property Image
FINANCED
$581,000,000

California

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Development Site600,000 SF
Financed 10/25/2022
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Property Image
FINANCED

KKR Real Estate Finance Trust Provides $581M Construction Loan For Development Site In Redwood City, CA

Main Street, Redwood City, California 94063, United States

See Similar Deals
Development Site600,000 SF
Financed 10/25/2022
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$968
Total Square Footage:600,000 SF
Transaction Type:Loan

A development site located at SEC Beech Street & Main Street in Redwood City, CA has been involved in a recent loan transaction. The property spans across 8 acres and has a buildable square footage of 600,000. The deal took place on October 25, 2022.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $581,000,000
  • Loan Type: Construction Loan
  • Loan Terms: five-year loan

KKR Real Estate Finance Trust, represented by Matt Salem, provided a construction loan of $581,000,000 for the development site. The loan terms are set for a five-year period. IQHQ, represented by Stephen Rosetta and Jonathan Praw, acts as the landlord for the property.

Players

KREF Lending
KREF Lending
LENDER
I
IQHQ
LANDLORD
I
IQHQ
LANDLORD

Details

FINANCED
IMAGE: Matt Salem & Stephen Rosetta DATE: 10/25/2022 ADDRESS: SEC Beech Street & Main Street MARKET: Redwood City, CA ASSET TYPE: Development Site ~ BSF: 600,000 ~ ACRES: 8 LENDER: KKR Real Estate Finance Trust - Matt Salem LANDLORD: IQHQ (@IQHQREIT) - Stephen Rosetta & Jonathan Praw LOAN AMOUNT: $581,000,000 LOAN TYPE: Construction Loan LOAN TERMS: five-year loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$581,000,000.00

Monthly NOI$3,873,333.33
Monthly Debt Service$3,672,315.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00