Slatt Capital has arranged a $12,000,000 non-recourse acquisition loan for a multi-tenant office property in Rohnert Park. The 68,094-square-foot building, located at 5900 State Farm Dr., dates to 1973 and is described as a stabilized multi-tenant asset with a diversified rent roll. Proceeds from the financing support the buyer’s purchase of the office building, providing long-term permanent debt at a time when office lending standards remain selective.
The loan was placed with The Standard, a life insurance company lender. According to the parties involved, the financing structure features a staggered term combined with a 30-year amortization schedule, aligning long-term debt service with the buyer’s intended hold strategy. The non-recourse nature of the loan allows the sponsor to limit recourse exposure while securing institutional life company capital.
Slatt Capital’s capital markets team on the assignment was led by Sarah Armstrong and Daniel Friedeberg, with analytical support from Jonathan Siewert. The firm was engaged to source and structure debt that would match the buyer’s requirements for non-recourse, long-term financing on a multi-tenant office acquisition. The execution resulted in permanent life company debt rather than shorter-term or more recourse-heavy alternatives.
From the lender’s perspective, the transaction provided an opportunity to deploy long-term capital into a stabilized office asset in the North Bay. The Standard’s underwriting focus centered on the building’s occupancy profile, tenant diversification and sponsorship, which were cited as key elements supporting favorable non-recourse terms. The emphasis on a diversified rent roll indicates that multi-tenant risk dispersion was an important factor in the credit decision.
Participants in the deal noted that identifying a lender willing to offer non-recourse financing on a multi-tenant office acquisition has become more challenging in the current office lending environment. Friedeberg highlighted that office financing today is more selective, making this transaction notable for securing life company capital on a non-recourse basis. The closing underscores that, while underwriting standards have tightened, well-leased and stabilized multi-tenant office properties with credible sponsorship can still attract long-duration, institutional debt in the North Bay market.
