CBRE Arranges $75M Loan for Shoreway Innovation Center in Belmont, California

by Amy Works

BELMONT, CALIF. — CBRE has arranged a $75 million loan for the acquisition and redevelopment of Shoreway Innovation Center in Belmont. The property will be redeveloped into a new life sciences campus. The borrower is Four Corners Properties.

Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged and secured the three-year, floating-rate financing through a private equity firm. The nonrecourse loan carried two extension options.

Four Corners Properties will use the financing to fund a portion of the predevelopment costs for 1301 Shoreway Road, which was acquired in December 2021 for $90.2 million. The future redevelopment will likely include construction of two Class A life sciences buildings totaling approximately 500,000 to 600,000 square feet. The new development will also include a multi-story parking structure with approximately 1,500 parking stalls.

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