Wells Fargo backs purchase of Broadcom Building in San Jose

MetroGroup Realty Finance has secured a $35.7m loan on behalf of Oakmont Corporation for the acquisition of the Broadcom Building in San Jose, California. Wells Fargo provided the fixed rate securitized loan, which carries a 10-year term, 5 years of interest-only payments and a 30-year amortization, Real Estate Capital has learned. The loan-to-value based on the $55m acquisition price is 65%.