Brian S. Corrigan of Insignia/ESG's Finance & Capital Markets Group, who arranged the financing, says Bank of America Mortgage Capital provided the funds. Corrigan tells GlobeSt.com the loan is for 10 years at a "very competitive fixed rate."
Riverside Business Center consists of 21 single-story buildings positioned on 18.6 acres along the 91 Freeway at the corner of Magnolia Avenue and Pierce Street in Downtown Riverside. At the time of the loan, the center was 98% occupied by mostly local small- to medium- size tenants on short-term leases, Corrigan says.
Biltmore Riverside I LLC, which is an affiliate of Biltmore Holdings Inc. of Phoenix, has owned the property for two years. The owner has improved the property's financial situation through efficient on-site management if a property that is management-intensive because of the large number of small tenants, Corrigan says. The building also benefits from having "very little other competitive product nearby," he adds.
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