The property is at 18551 Von Karman Ave. in the John Wayne Airport office submarket and was 63% leased at the time the borrower bought the building for $11.4 million. The 75% loan, at 6.25% initially, is on a three-year floating rate with no requirement for an interest rate cap. The loan was provided by an investment bank and was arranged by Mike Guterman and Kevin McKenzie of Buchanan Street's Los Angeles office.
Buchanan Street says the new owner plans cosmetic upgrades and a lease-up campaign to add value to the 1980s building. The financing includes funds for minor improvements and for costs associated with leasing 28,000 sf of empty space.The building is currently leased to three tenants, two of which have their leases renewing in 2004.
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