ALISO VIEJO, CA-HFF has arranged $33.5 million in financing for Summit Phase V, which consists of two class-A office buildings totaling 250,803 square feet here. The property is located at 20 and 30 Enterprise Dr. and includes a 1,233-space, five-story parking garage.
The financing was arranged on behalf of a joint venture between Parker Properties and RREEF advising a public pension plan. The 2.89%, fixed-rate loan was acquired through a life company and was placed for an eight-year term, full-term interest-only, with proceeds used to retire existing construction financing.
“We were amazed at how competitive the quotes were that we received through HFF's efforts,” said Lee Redmond III, managing member of Parker Properties, in a prepared statement. “This is a clear indication that lenders are feeling bullish on the Orange County market once again.”
The HFF team representing the joint venture was led by senior managing directors Kevin MacKenzie and Eric Tupler, with support from real estate analyst Lee Redmond IV. “This is a good example of how accommodating the current capital markets can be for strong sponsors with high-quality assets,” said MacKenzie in the statement. “Through an extensive marketing process, we were able to generate significant interest from a variety of life companies and banks, ultimately securing terms that aligned perfectly with the sponsor's needs. This included optimizing proceeds, loan term, a low fixed-rate, full-term interest only and flexible prepayment.”
Summit Phase V was completed in 2007 as the fifth phase of a 1.6-million-square-foot master-planned campus with a corporate hotel, dining and fitness amenities immediately adjacent to the 73 freeway and close to the 405 and 5 freeways here. The properties are 97% leased to tenants including Bausch & Lomb, UST Global, Marvel Semiconductor, Avanir Pharmaceuticals and the Johnny Rockets Group.
As GlobeSt.com reported earlier this month, working exclusively on behalf of affiliates of the Blackstone Group LP, HFF's Dallas office placed a three-year, floating-rate, $581-million loan with GE Capital Real Estate to refinance a 16-hotel portfolio. The portfolio contains 4,798 rooms located in major markets throughout the US.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
