Updated Jun 12, 2026
Stockbridge Capital Secures $700 Million Refinancing For Bay Meadows Office Portfolio In San Mateo
2750 South Delaware Street
$700,000,000
$692/SF
Building Size
1,011,488 SF
Asset Type
Office
Closing
Jun 11, 2026
About this deal
AI
The asset involved in the transaction is a five-building office portfolio located at 2750, 2850, 2950, 3050 & 3150 South Delaware Street in San Mateo, California. This portfolio encompasses a total square footage of 1,011,488 and is fully leased, with Roblox occupying a significant portion of the space.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $700,000,000
- Lender: J.P. Morgan Chase, German American Capital, Wells Fargo
- Landlord: Terry Fancher - Stockbridge Capital
- Loan Type: Refinance
- Loan Terms: floating-rate
- Existing Debt Retired: $600,000,000
- Funds for Reserves: $56,400,000
- Return to Sponsor: $33,600,000
The refinancing was secured by Stockbridge Capital, with the financing arrangement facilitated by three lenders, aiming to effectively manage the financial structure of the real estate portfolio and support its ongoing operations. The transaction reflects strategic financial management within the competitive San Mateo market.
On the Map
$700,000,000
$692/SF
Office
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Players
Marcus Hook Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93