CBRE Arranges $120M in Loans for Main Street Cupertino Office Development
CUPERTINO, CALIF. — A joint venture between Sand Hill Property Company and its capital partner has received $120 million in financing for a pair of office buildings within the Main Street Cupertino mixed-use project in Silicon Valley. The buildings contain a total of 260,000 square feet.
Main Street Cupertino will include a mix of office, retail, hotel and loft apartments. The office component was completed earlier this year. The retail component is scheduled for completion by the end of 2016, though seven retailers are already open for business. Stores include Dog, Lyfe Kitchen, TD Ameritrade, Eureka! Burger and Philz Coffee.
The hotel is franchised to be a Marriott Residence Inn, and the loft apartments are set to open in 2017. Main Street Cupertino will also contain a one-acre town square and a half-acre park.
The loan features a variable, LIBOR-based rate. John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team arranged the financing. HSBC Bank USA, National Association provided the capital.