Tuesday, February 4, 2014

PCCP, LLC Provides $12.1 Million Senior Loan for Recapitalization of Class A Office Building in Rancho Cordova, CA

2882 Prospect Park Drive within Prospect West Business Park, Rancho Cordova, CA

San Francisco, CA, Feb. 4, 2014 – PCCP, LLC has provided a $12.1 million senior loan for the recapitalization  of a four-story, 113,237-square-foot Class A office building located at 2882 Prospect Park Drive within Prospect West Business park in Rancho Cordova, Calif.  The loan was provided to the property owner, Prospect Park, LLC.

“This is a best-in-class property in its submarket that has been well occupied historically. Due to the excessive leverage and lack of capital for new deals, it hasn’t been a meaningful participant in the market for some time,” said Jim Galovan, managing director with PCCP, LLC.  

PCCP believes that with a reset basis and motivated ownership that has owned multiple properties in Sacramento for many years, the building will now attract significant interest from mid-size and large users.  

Situated directly off the Highway 50 corridor, approximately 14 miles east of Sacramento, the building offers 4/1,000 parking, strong highway visibility with signage opportunities, on-site amenities including a workout facility, showers and locker rooms, and on-site property management.

The Sacramento office market is on the path to recovery from the financial downturn.  Although the market vacancy is still between 15 percent and 20 percent depending on the report, Jones Lang LaSalle reports that over the past several months the  Sacramento office market has had the fourth highest actual net absorption of any metro area in the United States.

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates

No comments: