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PALO ALTO, CALIF. — Menlo Equities has received a $38.6-million loan on a 45,319-square-foot Palo Alto office building. The building is located at 529 Bryant Street in the city’s downtown region. It had previously been converted into an internet exchange, or data center.
The 10-year, non-recourse loan carries a fixed rate and a 30-year amortization schedule after a 5.5-year interest-only period. Financing was arranged by Eric Von Berg and Tom Dao of Newmark Realty Capital. It was sourced through Wells Fargo’s CMBS program.
Newmark Realty Capital will serve as primary servicer on this loan, while Wells Fargo will act as the master servicer.