Mesa West Capital Funds $178M Loan for Acquisition, Conversion of San Mateo Bay Center Office Campus in California
SAN MATEO, CALIF. — Mesa West Capital has provided Longfellow Real Estate Partners with a $178 million first mortgage loan to recapitalize costs associated with its recent acquisition and fund the planned repositioning of the San Mateo Bay Center office campus in San Mateo.
A portion of the proceeds from the five-year, floating-rate loan will be used to convert the 235,911-square-foot conventional office property into a life sciences and laboratory facility. Developed in 1984, San Mateo Bay Center features two seven-story office towers located at 901 and 951 Mariner’s Island Blvd. Campus amenities include showers, a fitness center, café and outdoor patio space.
The campus is located in the mid-peninsula Foster City/San Mateo life sciences market with an inventory of nearly 2 million square feet of life sciences space, anchored by the 1.4 million-square-foot world headquarters campus for Gilead Sciences.
Ramsey Daya of Newmark Knight Frank arranged the financing. Mark Osher of Gibson, Dunn and Crutcher LLP represented Mesa West Capital in the deal.