HFF Arranges $15M Financing for Renovation of Retail Property in San Mateo
B St Development will remodel the façade and add a 5,000-square-foot third floor to The Baywood, a 26,157-square-foot office and retail building in San Mateo.
SAN MATEO, CALIF. — HFF has secured a $15 million loan for the renovation of The Baywood, a 26,157-square-foot retail and office building in San Mateo.
Chris Gandy of HFF arranged the three-year, floating-rate loan through a national bridge lender on behalf of the borrower and developer, B St Development. Proceeds of the loan will be used to remodel the façade and will add a third floor totaling approximately 5,000 square feet of rentable space.