FOR IMMEDIATE RELEASE
Contact: Lauren Smith / Jessica Neuman
IDEA HALL
(714) 436-0855 ext. 23 / 31
lauren@ideahall.com / jessica@ideahall.com

 

Buchanan Street Partners Arranges $21.3 Million Loan for Diamond Investment Properties in Redwood, CA

 

Newport Beach and Redwood City, CA (August 10, 2006) - Buchanan Street Partners, a national real estate investment bank, announced today that it has secured a $21.3 million loan for Diamond Investment Properties. The loan, provided by JP Morgan Mortgage Capital, Inc., will refinance 101 Redwood Shores Parkway, an office complex located in Redwood City, CA.

 

Diamond Investment Properties acquired the 99,535-square-foot complex in mid-2005 for $29 million and assumed an existing loan at that time. Through a competitive process, JP Morgan Mortgage Capital, Inc. provided a $21.3 million, 10-year loan, amortized over 30 years and priced at 118 bps over the 10-year Treasury.

 

"The goal was to recoup-in the new tax year-a portion of Diamond's equity and tie up as much fixed-rate long-term debt as possible," said John Manning, Buchanan Street Partners vice president. "We initially faced some challenges because a major tenant did not have a credit rating. However, with JP Morgan, we were able to creatively underwrite this particular lease and ultimately lock in an interest rate of 5.82 percent."

 

About Buchanan Street…

Buchanan Street Partners is a real estate investment bank that provides real estate capital for owners and developers. The firm makes principal equity investments for real estate in a discretionary capacity, arranges debt and structured finance, is an investment manager to institutional and private investors, offers investment sale brokerage services, and has a specialty in self-storage finance. Offices are located in Newport Beach, Los Angeles, San Francisco, Chicago and Atlanta.

 

Recent activity on behalf of clients includes arranging the sale of Hotel Griffon in San Francisco and securing a construction loan for the conversion of 74 New Montgomery Street, also in San Francisco, into condominiums.