SAN DIEGO-Locally based American Assets Inc. has refinanced morethan 378,000 square feet of office, medical office and retailproperties with nearly $60 million in CMBS loans. The three includetwo loans arranged by Century City-based Verona Capital Marketstotaling $19.5 million and one arranged by the San Diego office ofHolliday Fenoglio Fowler for $40 million. All three of the loansrefinanced CMBS loans that were maturing, according to co-founderand managing principal Eliav Dan of Verona and senior managingdirector Tim Wright of HFF, who led the teams from their respectivecompanies who arranged the financings.

The properties that were refinanced included two single-tenantnet-leased retail buildings and a multi-tenant medical officebuilding totaling 32,293 square feet in the Del Mar Heightssubmarket, two office buildings called Solana Beach CorporateCentres I & II totaling 95,753 square feet in the Solana Beachsubmarket and the 250,000-square-foot Solana Beach Towne Center, aclass A retail center in Solana Beach. The Del Mar Heightsproperties were financed with a $7.5 million non-recourse loan at6.35% fixed and the Solana Beach Corporate Centres with a $12million non-recourse loan at 5.9% fixed, compared with rates in thelow-8% range when both were previously financed 10 years ago. The$40 million Solana Beach Towne Center loan was at below 6%. Allthree of the loans were provided by Deutsche Bank Securities.

Dan, who arranged the $19.5 million in loans with assistancefrom Verona Capital associate Michael Weiner, tells GlobeSt.comthat the new loans are "reflective of the recent reemergence ofCMBS financing, which is a welcome development for many borrowers."He says that while CMBS financing may not soon approach the volumerealized during the later stages of the last real estate cycle, "Itappears that CMBS is regaining at least some of the market shareceded to banks and life insurance companies in recent years."