Santa Clara, CA
September 12, 2023
Santa Clara Office/R&D Facility 100% Occupied by Qualcomm at Location Adjacent to Firm’s Regional Campus; Life Company Lenders Still Able to Fund High Quality Office at Attractive Rates
Santa Clara, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $5.2 million permanent loan to refinance a flex Office/R&D property strategically located in Silicon Valley at 3000 Oakmead Village Drive in Santa Clara, Calif. The 19,700-square-foot, single-story building is 100% leased to Qualcomm (QCOM:NASDAQ) and directly adjacent to the multi-national company’s Silicon Valley regional campus.
Gantry’s Murphy Osborne, Senior Director, and Alex Poulos, Associate, with Gantry’s San Francisco production office represented the borrower, a private real estate investor. The 10-year, permanent loan was provided by one of Gantry’s life company correspondents with terms including an attractive fixed rate locked earlier this year and 20-year amortization.
According to Gantry’s Murphy Osborne, “Gantry has worked closely with our correspondent life company lenders over the past 24 months to assess and define what constitutes a viable office loan they are willing to fund. This is a critical development considering the post COVID real estate cycle and Gantry is sourcing attractive financing options for qualifying office properties and flex/R&D properties. A long-term lease with a single credit tenant in Qualcomm, at a strategic location for the company including their significant investment in customized asset improvements and infrastructure, coupled with an experienced sponsor comfortable with a low leverage financing allowed us to early lock on a truly superior rate for this volatile climate, and stabilize this asset for a legacy hold through a fixed rate, 10-year loan.”