BREA, CA-Olen Properties Corp. has secured a new $133 million loan to refinance most of its Olen Pointe Brea, a class A office park that was built in three phases. The Newport Beach-based developer and investor landed the loan via the Orange County office of HFF Holliday Fenoglio Fowler.
Don Curtis of HFF placed the 10-year, fixed-rate, securitized loanthrough Citigroup Global Markets Inc. The loan proceeds will be used to refinance 10 of the 11 buildings that constitute Olen Pointe Brea.
Curtis reports that the loan will refinance existing debt and also will enable the borrower to take cash out for future acquisitions. He adds that an early rate lock completed late last year allowed Olen to secure a below market rate for the financing.
The buildings that are being financed comprise nearly 635,000 sf in five office structures, four restaurants and two parking garages. They were completed in 1989, 1998 and 2006, and are 95% occupied.
Olen Pointe Brea sits on 30 acres along the 57 Freeway in the heart of Brea. It is part of more than six million sf of office and industrial space that the company has developed, in addition to more than 10,000 apartment units.
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