Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVINE, CA-ARI Von Karman LLC obtained $8.6 million in financing for the acquisition of a 74,000-sf office building here in a deal arranged by Buchanan Street Partners of Newport Beach.

The property is at 18551 Von Karman Ave. in the John Wayne Airport office submarket and was 63% leased at the time the borrower bought the building for $11.4 million. The 75% loan, at 6.25% initially, is on a three-year floating rate with no requirement for an interest rate cap. The loan was provided by an investment bank and was arranged by Mike Guterman and Kevin McKenzie of Buchanan Street’s Los Angeles office.

Buchanan Street says the new owner plans cosmetic upgrades and a lease-up campaign to add value to the 1980s building. The financing includes funds for minor improvements and for costs associated with leasing 28,000 sf of empty space.The building is currently leased to three tenants, two of which have their leases renewing in 2004.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.