Location:
10100-10200 North Tantau Avenue
5425 Stevens Creek Boulevard
Cupertino, California
Client:
Four Corners Properties, LLC
Westbrook Partners
Property: Three adjacent office/R&D buildings containing 218,854 square feet of rentable area, located in Cupertino, California
Assignment:
Arrange floating rate acquisition financing to include capitalization of project transaction costs, TILC, capital improvements, debt service shortfall, and operating deficits
Challenges:
26% vacant
Significant near term lease rollover (27%)
Largest tenant (46%) - offshore corporation with unrated credit and operating losses
Underwritten cash flow required trending of current market rents
