Buchanan Mortgage Holdings, LLC provided a $24,000,000 (76% LTC; 75% LTV) non-recourse construction loan to develop a 29,765 RSF, 3-story, Class A office building in downtown San Mateo, California. The property will have 3,000 SF of ground floor retail and is on a 99-year ground lease. Upon completion, the property will benefit from its high-end jewel-box design, more than 4,000 SF of usable outdoor space on the upper floors, a transit-oriented location two blocks from the Caltrain station, and immediate access to numerous popular restaurants, coffee shops and other retail amenities in downtown San Mateo. The sponsor is a privately-held real estate development company based in Menlo Park, California that focuses on land entitlement and ground-up development of institutional-quality assets in prime Bay Area markets.
