Netflix World Headquarters in Los Gatos Receives $100M Construction Loan

by Nellie Day

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.

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