(Bloomberg)—The developer building Facebook Inc.’s new waterfront office hub just south of San Francisco has gotten $515 million of financing for the project, which will house the technology giant’s Oculus virtual reality arm.
Kylli Inc., a subsidiary of China’s Genzon Investment Group Co., will use the loan from JPMorgan Chase & Co. and Starwood Property Trust Inc. to finish construction of the 803,000-square-foot (74,601-square-meter) campus, called Burlingame Point. The development will have four office buildings, according to a statement from brokerage Cushman & Wakefield, which arranged the financing.
The 18-acre (7.3-hectare) site, formerly a drive-in movie theater, is about 15 minutes north of Facebook’s global headquarters in Menlo Park and a short drive from San Francisco International Airport. Amenities at Burlingame Point will include shuttle service to nearby transit stations, a full floor of retail and dining options and a gym.
“The market for construction and transitional financing has been bursting at the seams over the past year with well-located office development for world-class technology, biotechnology and life-science companies on the radar of more lenders and investors,” said Steve Kohn, whose team at Cushman & Wakefield represented the developer. “Special projects like Burlingame Point are attracting capital and tenants from around the world.”
The financing has a term of two years with two one-year extension options, Kohn said. Facebook’s new campus is expected to be finished in 2020.
To contact the reporter on this story: Lily Katz in New York at [email protected] To contact the editors responsible for this story: Debarati Roy at [email protected] Christine Maurus
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