Slatt Capital arranged a $12,000,000 non-recourse acquisition loan for a 68,094-square-foot multi-tenant office building located at 5900 State Farm Dr. in Rohnert Park. The 1973-vintage property was financed through a life insurance company lender, The Standard, with a structured staggered term and 30-year amortization schedule.
Slatt Capital’s Sarah Armstrong and Daniel Friedeberg led the transaction, with Jonathan Siewert serving as analyst. The financing provides the buyer with long-term, non-recourse permanent debt to support the acquisition of the multi-tenant office asset.
For the lender, the transaction represented an opportunity to place long-term capital against a stabilized, multi-tenant office property with a diversified rent roll in the North Bay. The asset’s location, occupancy profile and sponsorship were key factors in securing favorable non-recourse terms.
“We were able to match the buyer with a lender willing to underwrite a multi-tenant office acquisition on non-recourse terms, which has become increasingly selective in today’s office lending environment,” said Friedeberg.
