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CIT, HFF Announce $35MM Financing For California Office Building

December 12, 2017, 07:00 AM
Filed Under: Real Estate

CIT Group Inc., a provider of commercial lending and leasing services, and real estate broker Holliday Fenoglio Fowler, L.P. (HFF), announced $35 million in financing for Plaza 360, a 115,186-square-foot, creative office building in Oakland, California.
HFF, who worked on behalf of the borrower, Brickman, secured the five-year, nonrecourse floating-rate loan through CIT.  Loan proceeds were used to acquire the property with a portion of the undisbursed funds allocated for common area upgrades and tenant improvements. The property is an eight-story creative office building with ground level retail space.

Matt Galligan, president of CIT's Real Estate Finance business, said: "Plaza 360 is located in Oakland's Uptown District, a prime spot close to restaurants, shops and several transportation options. This transaction is the first with Brickman and demonstrates our effort to provide secure financing that maximizes value for developers."

"Plaza 360 is perfectly situated to allow Brickman to execute on its highly successful Bay Area, value-add office repositioning strategy," said Smyslowski.

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