NEW YORK, Jan. 15, 2016 (GLOBE NEWSWIRE) -- Greystone, a New York-based real estate development, lending and advisory company announced today that it has acquired an interest in the prime mixed-use development project just blocks from Stanford University at 2100 El Camino Real in Palo Alto, CA. Greystone joins partner Clara E. Chilcote Trust in the deal.
Conveniently located along El Camino Real, College Terrace Centre will boast 65,382 rentable square feet. The office space (45,572 square feet) is 100% pre-leased to a nationally recognized credit tenant. The property will also include over 13,000 square feet of street level retail, eight affordable housing units and 227 parking spaces. The project is currently 55% complete with anticipated delivery in late summer 2016.
“There was significant interest in financing the development. We are very happy to have put together a great team, with J.P. Morgan Chase as our construction lender and Pearlmark as our preferred equity investor,” said Jeff Baevsky, who led the financing effort for Greystone.
As both a real estate development and real estate financial services firm, Greystone is uniquely positioned to provide both development solutions and exceptional financial expertise and creativity.
“Palo Alto is truly an advantageous core market for development. The area is a focal point for economic activity and investment in Silicon Valley and known as one of the country’s most notable hubs for the intersection of research and innovation,” said Jeffrey Simpson, head of Greystone Development. “We are excited to enter this market and we know the property will be a commercial centerpiece in the community for years to come.”
Chris Jafarieh and Nicole Jadelrab of Blaqk Diamond Group brokered the partnership between Greystone and Clara E. Chilcote Trust, and played an intricate role in facilitating the deal throughout the process.
The New York-based Greystone Development team is currently working on numerous projects in highly sought-after commercial real estate locations within Manhattan, the outer NYC boroughs, Miami, FL and the West Coast.
About Greystone
Greystone is a real estate lending, investment and advisory company headquartered in New York. Its development group creates boutique luxury rental and condominium residences and prime quality commercial spaces in gateway cities including New York City and Miami. For more information, visit www.greystonepd.com.