City: Cupertino
State: California
Lender type: Insurance Company
Property type: Office
Transaction type: Acquisition
Loan amount: $34,300,000

Slatt Capital CEO, Daniel Friedeberg, along with Vice President Sarah Bernhisel, Vice President Andrew MacCleod, and Analyst Jason Wang recently closed a $34,300,000 permanent loan on a portfolio of six office buildings in Cupertino, California. The six single-story office buildings totaling over 136,000 square feet are fully occupied by Apple on long-term leases.

The six buildings were acquired by a foreign investment group for $98,000,000. Tenny Tsai, a Senior Managing Director, in Cushman Wakefield’s San Jose office represented the buyers in the acquisition.

The 7-year fixed-rate loan was placed with an aggressive interest rate through one of Slatt Capital’s exclusive correspondent insurance company lenders. It will be serviced by Slatt Capital as part of its $4.3 billion servicing portfolio. The Slatt Capital team was chosen for the assignment because of their long-term relationship with the borrower’s representatives as well as their depth of knowledge in financing comparable properties throughout the region.