United States Hff Tender

HFF announces that it has arranged a 21 million refinancing for Baywood a 27897-square-foot Class A creative office and retail asset in downtown San Mateo California.HFF worked on behalf of the borrower developURBAN a private developer to arrange the 10-year fixed-rate full-term interest-only loan with Citigroup. Loan proceeds will be used to refinance the existing debt HFF arranged in 2017 that was used to reposition and transform the former Class B property into a best-in-class Class A mixed-use building. Improvements included a transformative faade remodel a new third-floor addition elevator and office lobby and the creation of multiple outdoor patios among other significant improvements. Fully leased Baywood is home to the technology arm of a publicly listed company with the ground-floor office space leased to a data analytics firm and the retail space leased to the nations largest yoga chain. Baywood is an adaptive re-use of a 1930s-era movie theater repurposed as a best-in-class creative office. Baywood which is currently undergoing LEED certification boasts tremendous natural light through a new modern faade a more-than-30-foot-high living wall numerous indooroutdoor patios secured bike parking and 25-foot ceiling heights. Situated on 0.2 acres at 333-345 S. B Street the property is less than three blocks from the San Mateo Caltrain station and is surrounded by downtown San Mateos retail dining and entertainment amenities.The HFF debt placement team representing the borrower consisted of senior director Chris Gandy and analyst Taylor Gimian.The sponsor has done a tremendous job repositioning the property as evidenced by the strong tenant demand for the building and ability to achieve some of the highest rents seen in the downtown sub-market Gandy said. The propertys proximity to a baby bullet CalTrain station and to the abundant retail amenities offered in downtown are irreplaceable.