Wells Fargo lends $86m on California office campus

Wells Fargo has provided $86m in post-acquisition financing to Boston-based Rockpoint Group for its purchase of the San Mateo Baycenter in San Mateo, California. Rockpoint paid Equity Office Properties $128.5m for the office campus in September, putting the loan-to-value just under 67%.

Wells Fargo has provided $86m in post-acquisition financing to Boston-based Rockpoint Group for its purchase of the San Mateo Baycenter in San Mateo, California.

999 Baker Way
999 Baker Way

Rockpoint paid Equity Office Properties $128.5m for the office campus in September, putting the loan-to-value just under 67%.

The three-building complex, built in 1987 — at 901 and 951 Mariners Island Boulevard, and 999 Baker Way — totals more than 300,000 sq ft. The five- and seven-story buildings are 98 percent leased predominantly to tech companies including Marketo, Oracle, BrightEdge Technologies and Actuate.

The HFF debt placement team representing the borrower would not disclose loan terms at the client’s request, but senior managing director Bruce Ganong said in a written statement that the property drew multiple lending proposals due to “strong occupancy, positive sub-market fundamentals, and best in class sponsorship.”

Rockpoint has raised more than $9.5bn in capital commitments since its formation in 2003.

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