RANCHO CUCAMONGA, CA-Fowler Flanagan Partners and William E. Simon & Sons Realty Partners are repositioning the 407,000-sf former Atrium at Empire Lakes office building with a $37 million bridge loan, according to Buchanan Capital Advisors of Newport Beach. The developers secured the $37 million loan via Buchanan for their continuing redevelopment of the property, which was once an industrial facility occupied by General Dynamics. The Fowler Flanagan-Simon team has renamed it the Atrium at Empire Lakes and is reconfiguring it into class A office space.Mike Guterman and Kevin McKenzie in Buchanan’s Los Angeles office, who arranged the financing, report that San Francisco-based Fowler Flanagan and Los Angeles-based Simon have completed the first two phases of the renovation, totaling 279,000 sf. The owners, who acquired the property in 2000, have added a mezzanine level and an atrium to the building, where State Farm Insurance and Ameriquest Mortgage are the largest tenants. The next phase of the renovation will consist of a facelift of the remaining 125,000 sf, with Ameriquest Mortgage having committed to lease all of the third phase. Buchanan Capital Advisors is a division within Buchanan Street Partners that provides mortgage brokerage and advisory services in arranging debt and equity capital. Guterman and McKenzie describe the financing for the former General Dynamics building as a “highly competitive three-year floating rate loan” that provides for the additional capital expenses and leasing costs associated with the repositioning of the buildings. Thomas Pierik and Dave Mudge at Lee & Associates are handling the leasing assignment for the owners. The building has made news on a number of occasions since the Fowler Flanagan-Simon team acquired it, most recently when State Farm Insurance signed a $5-million, five-year agreement for approximately 52,000 sf of space at the property, one of the largest office leases in the Inland Empire in the past two years.

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