Debt will be used for future tenant improvements, following extensive renovation of the building
Solana Beach CA— CBRE Capital Markets’ Debt & Structured Finance team has arranged an $8.3 million loan for the refinance of Pacific View Center in Solana Beach, CA.
Mark McGovern, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the loan through a life insurance company on behalf of San Diego-based Fenway Capital Advisors.
The owners are wrapping up a major renovation of the property, located at 674 Via De La Valle, including a new façade and windows, all new lobby area/corridors, enhanced landscaping, upgraded patio areas, bike racks, surfboard storage, showers and lockers, and a new shared conference room. The new loan will provide future funding for planned tenant improvements.
“Pacific View Center is a high-quality office project, which enjoys a very accessible location as well as spectacular views of the ocean and the Del Mar Racetrack,” said McGovern.
Pacific View Center is comprised of a three-story, multi-tenant office building totaling approximately 20,415 rentable square feet. Located in the Solana Beach/Del Mar area, the property is in the heart of one of the more affluent areas in San Diego County. It is less than a mile from the Pacific Ocean with quick access to Interstate 5 and the Solana Beach train station.
“When the renovations are completed, the office building will represent a new upscale standard for the community,” said Peterson.
About Fenway Capital Advisors
The primary mission of Fenway Capital Advisors (FCA) is to protect investor capital and deliver attractive risk-adjusted returns across all phases of the real estate cycle. FCA’s disciplined approach focuses on creating value through acquiring and repositioning mismanaged and/or under-invested assets in markets with strong fundamentals and positive growth characteristics across the Western U.S. Collectively, FCA principals have more than 50 years of industry experience, spanning multiple cycles, across all disciplines of the real estate industry, including acquisitions, asset management, development and leasing.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenues). The Company has more than 80,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit www.cbre.com.