Windy Hill Property Ventures says it has landed a $61.5 million construction loan for 610 Walnut Street, a ground-up office development in downtown Redwood City.
The 70,000 sq. ft., six-story project is located five miles from Stanford University and close to numerous top company headquarters—including Facebook and Oracle, The Commercial Observer (CO) has reported.
Terra Capital Partners provided the funding for the structure designed by ARC TEC. It is its largest construction loan to date in the San Francisco area. The civil engineer is Kier & Wright from Santa Clara.
In December, the firm received a $150 million line of credit from Goldman Sachs, and expanded its mezzanine debt and preferred equity investment strategy to include senior and stretch-senior loans, CO reported.
“This construction loan from Terra is an important step in realizing our vision and plays a critical role in developing an exceptional and sustainable commercial office space at 610 Walnut Street,” Jamie D’Alessandro, principal of Windy Hill Property Ventures, said in prepared remarks. “Having successfully partnered with Terra on another large office development in downtown San Mateo, we are excited to work with them again for this latest project.”