RIVERSIDE, CA-The San Diego-based owner of the Summit office project here has secured $16.15 million in financing from Wrightwood Capital for acquisition and lease-up of the 139,000-sf Summit Business Center. The park, built in the late 1980s, consists of five multitenant single-story buildings ranging from 19,000 sf to 38,000 sf.
The entire project, in the Hunter Park area of Riverside, recently underwent an extensive renovation. Janez plans to embark on an active marketing and leasing campaign to increase occupancy at the business park, according to Wrightwood.
In addition to Janez Properties, Buchanan Street Partners of Newport Beach also is providing equity in the transaction. Wrightwood's financing is a two-year loan that represents the first transaction between Janez and Wrightwood Capital.
Chris Dornin of the Buchanan Street Partners Newport Beach office brought the deal to Wrightwood. It is the fourth transaction that Wrightwood has structured with Buchanan Street Partners providing joint venture equity.
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