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Posted: June 20, 2017
News Outside the Region: CBRE Capital Markets complete $45 million acquisition of Torre Plaza
Cupertino, CA According to CBRE Capital Markets’ Debt & Structured Finance team, it has secured $45 million in long-term financing for the acquisition of Torre Plaza, an 88,580 s/f, class A, institutional-quality office building.
Shawn Rosenthal of CBRE’s Midtown Manhattan office secured the loan on behalf of the borrower, an affiliate of Harbor Group International, LLC. The ten-year interest-only loan was provided by J.P. Morgan.
The three-story property is situated on a 4.2 acre site and is 100% leased to a leading online retailer.
“The combination of a AA- credit rated tenant, strong and active sponsorship group, and the healthy Cupertino office market led to heated competition for this loan from the financing markets. The end product was an aggressively priced ten-year interest-only loan,” said Rosenthal, executive vice president, CBRE.
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