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TUSTIN, CA-Redhill Investments LLC of Seattle has purchased the 30,500-sf Warner Redhill Business Center at 15901 Redhill Ave. for $4.3 million after obtaining a $2.9 million mortgage for the office development, NorthMarq Capital Inc. reports. Ory Schwartz of NorthMarq Capital Inc.’s Newport Beach regional office arranged a first mortgage carrying a fixed rate for a 10-year term with a 25-year amortization. Schwartz notes that 50% of the rentable space of the business center is coming due for lease renewals in the next 60 days. The property, in its current state, was more suited for an interim loan, as a result of the impending turnover, he says. The borrower, who had the choice of both interim and permanent loans, opted for a permanent loan to take advantage of the current low interest rates, Schwartz says. The Warner Redhill center was built in 1986 and is 100% occupied. It consists of one concrete tilt-up building that is part of a three-building center, with the main tenant, which is one of seven tenants, occupying 50% of the space.

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