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| Broadcom Building, 3151 Zanker Road, San Jose, CA |
Orange County, CA, May 20, 2015 – MetroGroup Realty Finance,
a private, Orange County-based mortgage banking firm, has successfully arranged
$35.7 million in financing on behalf of its client for the acquisition of the
200,000 square-foot Broadcom Building
in San Jose, California.
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| Patrick Ward |
The property, which was acquired by an affiliate of Oakmont
Corporation, is 100 percent occupied by Broadcom Corporation, a FORTUNE 500
tech company that is recognized as a leader in semiconductor solutions for
wired and wireless communications.
“The technology sector is driving commercial property demand
forward at a tremendous rate today, making this investment extremely well-timed
for our client,” says Patrick Ward,
Founder of MetroGroup Realty Finance.
The asset, which encompasses research and development, data
center, and corporate offices, is located within a growing submarket of San
Jose, just outside of Silicon Valley’s tech epicenter.
“With continued demand from the large population of
Millennials and tech firms in the region, we anticipate that this investment
will be a sound, stable investment for our Client over time,” explains Ward.
“We immediately recognized the value of this asset, based on
strong market fundamentals in this region and the property’s existing
high-caliber tech tenant,” Ward continues.
“We effectively demonstrated this value to lenders in order to provide
competitive terms for our client.”
Ward notes that, in doing so, MetroGroup was able to
structure financing in a way that met each of its client’s investment
objectives in this transaction.
“Our experience and 38-year history in providing financing
for commercial properties has given us the right tools to identify key elements
that help us structure a transaction that is attractive to lenders, while also
ensuring the best terms for our clients,” says Ward.
For a complete copy
of the company’s news release, please contact:
Lexi Astfalk or Jenn
Quader
Brower, Miller &
Cole
(949) 955-7940
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