Amos Smith of Johnson Capital's Irvine office and Richard Caterina of the firm's San Diego office arranged the loan, which the borrower locked in about eight months ago at a competitive interest rate, Smith tells GlobeSt.com. The loan is for 10 years with a 25-year amortization at a 70% loan-to-value ratio.
The Pacific Life & Annuity Building is a five-story, class A structure of 132,064 sf that is 100% occupied by Pacific Life & Annuity Co. in a 10-year lease. The building property is part of the Main Corporate Center, an office complex that features an extensively landscaped, park-like plaza with surface and structured parking. Main Corporate center is part of the larger Irvine Business Complex.
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