Refi Arranged for Airport Business Center
IRVINE, CA—On behalf of The Koll Company, CBRE Capital Markets’ Debt & Structured Finance team has arranged $158 million in financing for Airport Business Center, an office/flex industrial park in Irvine.
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.