California

LOS GATOS, CALIF. — The Grove, a 485,000-square-foot office campus in Los Gatos that will soon to be home to Netflix’s world headquarters, has received a $100-million construction loan. The Class A campus will be located on Winchester Boulevard, alongside Highway 85, in Silicon Valley. The first phase will contain 242,000 square feet in two office buildings that are pre-leased to Netflix. Construction is already underway, with an anticipated completion date of next May. John Nelson of CBRE’s San Francisco office arranged the financing on behalf of the borrower/developer, a joint venture between Sand Hill Property Company and the Carlyle Group. It was provided by a syndicate of lenders headed up by SunTrust Robinson Humphrey. SunTrust Bank also acted as administrative agent. The interest rate was a variable, LIBOR-based rate.

MILPITAS, CALIF. — Tasman Technology Park, a 610,000-square-foot office and R&D campus in Milpitas, has received an $84-million acquisition loan. The institutional-quality property is located at 1371 McCarthy Blvd., just north of San Jose. The 14-building campus is situated in the center of Silicon Valley’s “Innovation Triangle,” which is home to more than 7,000 technology companies. These include Array Networks, Fire Eye Inc., KLA Tencor, Lifescan, SanDisk and Touchstone Semiconductor. The seven-year, non-recourse, fixed-rate loan was arranged by Brad Zampa, Michael Walker and Megan Woodring of CBRE’s San Francisco office on behalf of the borrower, an entity owned by Lionstone Investments and Orchard Partners. The partial interest-only financing features a rate in the low 4 percent range. It was provided by an East Coast-based life insurance company. The seller, Deutsche Asset & Wealth Management, was represented by Russell Ingrum, Joe Moriarty, Sean Sullivan and Tyler Meyerdirk of CBRE Capital Markets’ Institutional Properties team.