SANTA MONICA, CA—An institutional investor advised by J.P. Morgan Asset Management has secured a $260 million loan to refinance the Water Garden phase I, a two-building 673,660-square-foot class-A office building. The 12-year fixed-rate loan was originated by New York Life Real Estate Investors.

The project is part of a larger 1.27-million-square-foot office complex that sits on nine acres in Santa Monica. Phase I is currently occupied by Amazon, Edmonds.com, Group M Worldwide, Sony Computer Entertainment and AMC Networking Entertainment. Although it is unclear what the funds will be used for, the owners of the property are currently performing capital improvements to market the property to creative office users. In 2016, the EXPO light rail station will open across the street from the property, making this a major West L.A. asset, according to those involved in the transaction.

"This investment reflects our goal of investing in high quality financing opportunities that deliver long-term value to our policyholders and that align with our objective of seeking properties with excellent sponsorship in world class cities,” an unnamed spokesperson for New York Life Real Estate Investors tells GlobeSt.com. HFF senior managing directors Mike Tepedino and Paul Brindley and HFF director Jennifer Keller secured the funds on behalf of the institutional investor. They declined to comment on the transaction.