Regency Capital Partners

Sunnyvale Research Center


Sunnyvale Research Center

Summary

SAN FRANCISCO, CA., December 13, 2012— Regency Capital Partners, today announced that the firm has secured financing, on behalf of iStar Financial Inc. (NYSE: SFI), from Wells Fargo, for the Sunnyvale Research Center, a four-building, 224,000 square foot corporate campus, located in Sunnyvale, California. The funds will be used to retire the existing mortgage that was originated in 2007.

Jonathan Soffer, Ramsey Daya and Chris Moritz of Regency Capital Partners led the transaction team as exclusive financial advisors to iStar Financial.

The new loan is fixed for 7 years at 3.75% with an open prepayment structure, providing iStar total flexibility with the asset. The property is currently 65% leased to Apple Inc. (NASDAQ: AAPL), with the remaining 35% leased to GlobalFoundaries Inc.

“The combination of exceptional sponsorship and a strengthening Silicon Valley office market created a highly competitive situation enabling us to negotiate such favorable terms for our client,” said Daya.

Interest in the Sunnyvale Research Center financing came from banks, life insurance companies and CMBS lenders.


Transaction Details

LOAN AMOUNT $28,000,000
FINANCING TYPE Permanent
LENDER TYPE Domestic Bank
PROPERTY TYPE Office
PROPERTY ADDRESS
Map
1050 - 1090 Arques Avenue
Sunnyvale, CA
PROPERTY DESCRIPTION Refinance of a four-building, 150,000 sq. ft. office campus leased to Apple and Global Foundries.