HFF Announces $250M Financing for Office and Hotel Mixed-Use Development in the Bay Area
SAN FRANCISCO--(BUSINESS WIRE)--Jul 10, 2018--HFF announces the $250 million capitalization for the development of Ameswell Mountain View, a fully entitled, mixed-use project comprising a 255-room upscale, independent hotel and a 216,700-square-foot Class A, LEED-Platinum office building in Mountain View, California.
The HFF team worked on behalf of the developer, Broadreach Capital Partners, LLC, to arrange a joint venture equity partnership with Rockwood Capital, LLC. Additionally, the HFF team worked on behalf of the parties to secure the $140 million construction financing with Wells Fargo Bank.
Ameswell is ideally positioned directly off Highway 101 and Moffett Boulevard in Mountain View and has access to Highways 85 and 237 and Interstate 280, which provide direct access to the entire Bay Area. The development is at the epicenter of Silicon Valley, surrounded by the largest technology companies in the world, venture capital and a highly educated workforce. Google, Amazon, Microsoft, Apple and Intuit are within a 2.5-mile radius of the project, and the Mountain View Baby Bullet Caltrain station is less than one mile from the property.
The Ameswell Hotel will be one of Silicon Valley’s most prominently located, newly constructed independent lodging properties with modern luxury amenities and experiences. The hotel will feature creative, local design with a strong emphasis on art and technology; 6,258 square feet of premier meeting and event space; imaginative food and beverage offerings, which include a destination bar and restaurant and curated grab-and-go market; spacious guestrooms; abundant outdoor gathering spaces with a swimming pool, fire pits, bocce ball court and a large lawn; and sustainable operating practices.
The steel-frame, five-story LEED-Platinum creative office building will have best-in-class construction featuring floor-to-ceiling glass lines that provide abundant natural light, 14-foot ceilings and 47,000-square-foot floorplates. Amenities include a 2.5-acre park, terraces and break-out areas to merge workspace and nature, dedicated bike and pedestrian trails and electric vehicle charging stations. A six-tier parking structure will support the development.
The HFF equity and debt placement team consisted of senior managing directors Bruce Ganong and Michael Leggett, co-head of HFF’s West Coast team; senior director Ben Bullock; director Thomas Foley and analysts Austin White and Bercut Smith.
“Ameswell is one of the last fully entitled mixed-use development sites in Mountain View with prominent visibility from Highways 101 and 85,” Bullock said. “With a submarket vacancy rate of less than five percent for Class A office in Mountain View, Ameswell is poised to capitalize on the abundant tenant demand for new product.”
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Bureau of Real Estate, License Number 01385740.
About Broadreach Capital Partners, LLC
Established in 2002, Broadreach Capital Partners, LLC is a real estate investment firm that focuses on western U.S. commercial and hotel properties. The firm invests in a wide variety of real estate assets across several submarkets. Their primary objective is the creation of value through the application of experience gained over decades of involvement in all phases of the real estate business, including the acquisition, development, redevelopment, management, financing, entitlement and disposition of real property. The firm combines this expertise with significant financial resources to produce what, over time, have been industry-leading results. Learn more at broadreachcp.com.
About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment management firm, founded in 1995 that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $27.4 billion of real estate through ten value-add vehicles and 10 separate accounts. Today, Rockwood is a 75-person real estate investment firm with offices in New York, New York; San Francisco, California; and Los Angeles, California, that manages a portfolio of approximately $9.9 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices. Learn more at http://www.rockwoodcap.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180710005120/en/
BRUCE GANONG, (415) 276-6300
CA Lic. #01332792
HFF Senior Managing Director
MICHAEL LEGGETT, (415) 276-6300
CA Lic. #01056334
HFF Senior Managing Director
BEN BULLOCK, (415) 276-6300
CA Lic. #01885337
HFF Senior Director
KIMBERLY STEELE, (713) 852-3420
HFF Digital Content/Public Relations Specialist
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TRAVEL LODGING PROFESSIONAL SERVICES REIT FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
Copyright Business Wire 2018.
PUB: 07/10/2018 06:30 AM/DISC: 07/10/2018 06:30 AM