Four Corners Properties Secures $67.4 Million Bridge Loan For Forge North First Redevelopment In San Jose

The transaction involves a mixed-use property located at 40 Daggett Drive, 2880 North First Street, 70 Daggett Drive, 2885 Zanker Road, and 2855 Zanker Road in the San Jose, CA market. The property spans 205,800 square feet and sits on 23 acres. Four Corners Properties, along with an institutional partner, secured a bridge loan for $67.4 million to facilitate the redevelopment of the site.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $67,400,000
• Loan Type: Bridge
• Loan Terms: five-year, floating-rate, non recourse
• Landlord: Bruce Burkard - Four Corners Properties
• Brokers: Mike Walker, Brad Zampa, Andy Gross - CBRE

The acquisition took place when the owners purchased the 23-acre property from BXP for $50.5 million in January. They plan to renovate the existing buildings and develop two new manufacturing warehouses totaling approximately 239,000 square feet as part of the redevelopment project.