Carlsbad CA— CBRE Capital Markets’ Debt & Structured Finance team originated $89.9 million in financing for the acquisition of a 484,573-square-foot portfolio of office properties located in San Diego County, California.
Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami, Florida, office arranged the financing on behalf of the borrower, Brookwood Financial Partners of Beverly, Massachusetts. Blackstone provided the two-year, interest-only loan at a floating rate over LIBOR.
“Brookwood and Blackstone closed a loan in 2014 and have an excellent working relationship,” said Mr. Foschini. “Given the nature of the sale, Brookwood had to select a partner that would move in lockstep with the equity and execute a path to close in a very tight time frame on a value-add asset pool that investors were aggressively competing for. Blackstone worked around the clock to provide an exceptional lending experience and close a loan with market-leading terms and speed.”
The Newport National Portfolio is a collection of three Class A and Class B properties encompassing seven buildings. The properties are:
- Civic View Corporate Centre, 300 Rancheros Boulevard, San Marcos, California.
- Ventana Real, 2173, 2175 and 2177 Salk Avenue, Carlsbad, California.
- The Campus, 5962, 5964, and 5966 La Place Court, Carlsbad, California.
The properties are designed with a contemporary architectural aesthetic, flexible floor plates, extensive landscaping and numerous on-site amenities. The properties also offer convenient access to local freeways, prominent corporations and executive housing.