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SAN JOSE, CALIF. — A 181,800-square-foot, Class B research and development industrial property in the Silicon Valley submarket of Milpitas has received a $26.2 million loan. The loan will refinance the property and fund its renovation.
The credit facility contains a $12.4 million short-term loan, along with future funding of $13.8 million for capital expenditures, tenant improvements, leasing commissions and other expenses.
The borrower is Stephens & Stephens LLC, the industrial real estate investment arm of D.R. Stephens & Company. The loan was provided by Calmwater Capital, formerly known as Karlin Real Estate Lending.