CBRE ARRANGES $158 MILLION IN FINANCING ON BEHALF OF THE KOLL COMPANY FOR AIRPORT BUSINESS CENTER
Los Angeles – October 21, 2014 – On behalf of The Koll Company, CBRE Capital Markets’ Debt & Structured Finance team announced that it has arranged $158 million in financing for Airport Business Center, an office/flex industrial park in Irvine, California.
Brookfield Asset Management provided the five-year, fixed-rate, full-term interest-only loan which carries an all-in interest rate in the low 5% range. The new loan will refinance an existing loan held by two life insurance companies, which had an outstanding balance at closing of approximately $154.4 million.
The loan was facilitated by Brian Halpern and Ben Wagner of CBRE’s Los Angeles office, and Sharon Kline, Marina Massari, and Jason Ritchie of CBRE’s Newport Beach office.
Tim Mitchell and Kris Barber of Chatham Financial’s Denver office provided interest rate strategy advice to Koll.
Gerald Yahr, Managing Principal, The Koll Company, commented, “The refinancing enabled Koll to lower the interest rate on the debt for the property which will enhance cash flow and flexibility.”
Airport Business Center has had continuous ownership and management since The Koll Company purchased the land and initiated construction in 1969. With 68 buildings and 700 units on a 75 acre campus, the 1.2 million square foot property is one of the premier business parks in Southern California.
About the Koll Company
The Koll Company acquires, develops and manages commercial real estate. Acting as a principal for each investment, the company focuses on the acquisition of office properties, multi-tenant light industrial business parks, improving and repositioning underutilized properties, providing ground-up development services and using its operational expertise and vision to maximize returns from performing assets. Since its founding in 1962, The Koll Company has developed more than 110 million square feet of office, industrial and retail space. Further information on the company is available at www.koll.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.