Regency Capital Partners (RCP) announced today the closing of $71.8 million of non-recourse construction financing for the speculative development of 600 National Avenue, a four story, +/- 150,000 square foot office building located in Mountain View, CA. RCP arranged the $55,000,000 Senior Construction Loan on behalf of National Avenue Partners, LLC through National Real Estate Advisors of Washington D.C. An additional $16,800,000 Mezzanine Construction facility was provided by TDA Investment Group.
The Owner/Developer (National Avenue Partners, LLC) commenced purchasing four contiguous separate parcels, located directly next to a Mountain View Google campus, totalling 4.82 acres in 2012. The Developer was able to achieve over double the original allowable building square footage of the existing vintage-1960’s buildings 65,000 square feet, to an approximately 150,000 square foot Class A Office building plus parking garage currently under construction. The Project is planned to be LEED gold compliant.
The Project will be integrated into the Local Trail System at the back of the Property linking multiple campuses within the area to mass transit opportunities. The Middlefield Station VTA Light Rail Stop is located ½ mile from the Project and the Downtown Mountain View Cal Train Station is minutes away. Additionally, Mountain View’s prestigious Castro Street is approximately one mile from the Project offering a multitude of retail amenities.
Michael Grausz of RCP led the advisory team securing the debt on behalf of National Avenue Partners.
About TDA Investment Group
TDA Investment Group (TDA) is Fiduciary Real Estate Investment Manager for Laborers and Operating Engineers Pension Trust Funds. On behalf of its clients, TDA’s activities include both debt and equity investments. TDA has a specific focus on structured transactions, in which its flexibility and long-term perspective can benefit a project and its stakeholders. In recent years, TDA has been particularly active in the San Francisco Bay Area, Southern California and Hawaii. Investment sizes range from $3-30 million across all types of real estate assets. For more information visit, www.tdainc.com.
About National Avenue Partners
The principals of National Avenue Partners, LLC, as a whole, have transacted on over 2.6 million square feet of commercial property and over 600 units of residential product throughout the Bay Area. In addition, they have entitled over 7.4 million square feet of land for commercial use.
About Regency Capital Partners
Regency Capital Partners (RCP) is one of the premiere real estate capital advisory firms specializing in arranging debt and equity for a wide spectrum of clients, from regional investors and developers to some of the largest public and private real estate companies throughout the country. The firm is recognized within the industry for its integrity, creativity and determined advocacy on behalf of its clients. RCP’s unparalleled commitment to the implementation of its clients financing objectives distinguishes it within the financing industry. During their tenure, the principals of Regency Capital Partners have closed over $5 billion of debt and equity transactions throughout the United States. Additional information on Regency Capital Partners is available on the Company’s website at www.regencycapitalpartners.com.