IRVINE, CA-Suncoast Properties has refinanced its two-building Spectrum Business Center office complex of nearly 103,000 sf via an $11 million loan arranged by the San Diego office of Holliday Fenoglio Fowler. The class A office complex is at two addresses 4 Venture and 6 Venture, just inside the triangle formed by the 405, 5 and 133 freeways meet.
Aldon Cole of Holliday Fenoglio Fowler describes the new financing as a 10-year, fixed rate, 5.57% loan with PPM America. The transaction was completed to refinance an existing loan at more favorable rates.
Borrower Suncoast Properties is a boutique Southern California-based property acquisition and management company. Cole says that in today's competitive capital markets environment, a number of lenders competed for the loan.
The HFF correspondent lender who ultimately won the business "was willing to be more aggressive on structure and certain concessions," he points out. Among other factors, according to Cole, was the borrower's relationship as a repeat customer of the lender.
To win the deal, the borrower not only offered the best terms, but "saved the borrower considerable time and money by using the pre-negotiated loan docs and utilized essentially all of the same players from a prior transaction," Cole says. He adds that the lender also locked in the loan rate for the borrower at an early stage in the process.
The Spectrum Business Center features twin buildings with a shared underground parking garage and on-site document storage lockers. Both buildings are fully occupied by a tenant roster that includes GMAC Commercial Mortgage, Siemens Westinghouse, Alteer Corp., VE Systems and ProQuest Co.
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