SANTA ANA, CA-Highland Realty Capital Inc. has arranged $34 million in bridge financing for the acquisition of a two-building, 366,600-square-foot industrial property here. The sponsor, Dyer 18 LLC, acquired the property from a joint venture between Denver-based Alliance Commercial Partners and Carval Investors.
Mike Guterman, a principal in HRC's Los Angeles office, handled the financing assignment for the buyer. HRC sourced a New York-based debt fund that funded the transaction through an on-book program.
“The 75% loan-to-cost loan will enable the new sponsorship to reposition the asset and capitalize on the changing dynamics occurring at Tustin Legacy,” says Chris Lee, a partner in Dyer 18. The 18-acre property is located at the northwest corner of Dyer Rd. and Redhill Ave. and is ideally positioned for redevelopment, either in its current use or some other alternative use.
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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.
