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901 Mariners Island Bouleva...

Mesa West Capital Provides $178M Loan For Office Property At 901 & 951 Mariners Island Blvd In Bay Area
FINANCEDOffice

Mesa West Capital Provides $178M Loan For Office Property At 901 & 951 Mariners Island Blvd In Bay Area

901 Mariners Island Boulevard, San Mateo, CA, USA

$178,000,000

$754/SF

Building Size

236,000 SF

Asset Type

Office

Closing

Jun 1, 2020

AI

A $178,000,000 loan was secured for the acquisition of the office property located at 901 & 951 Mariners Island Boulevard in the Bay Area. The loan was provided by Mesa West Capital, with Josh Westerberg and Ronnie Gul representing the lending company. The loan terms consist of a 5-year, floating-rate, first mortgage loan.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $178,000,000
  • Address: 901 & 951 Mariners Island Boulevard
  • Market: Bay Area
  • Lender: Mesa West Capital - Josh Westerberg & Ronnie Gul

Longfellow Real Estate Partners, represented by Adam Sichol, acted as the landlord in this transaction. The brokers involved in the deal were Ramsey Daya from Newmark and Mark Osher from Gibson, Dunn & Crutcher.

Players

Ramsey Daya

Newmark

Broker

$2.6B

vol

12 deals

Broker
Mesa West Capital
Mesa West CapitalLender
Adam Sichol

Adam Sichol

Longfellow Real Estate Partners

Landlord

$541.6M

vol

4 deals

Landlord

San Mateo Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.09%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93