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NEWPORT BEACH, CA-An entity of Triple Net Properties of Santa Ana has secured more than $32.2 million in refinancing for the 210,000-sf 4 Hutton Centre Drive high-rise, according to Cohen Financial, which arranged the loan. Cohen reports that the new loan secures floating rate debt for the 10-story office tower.

Cohen Financial reports that the floating rate debt facilitates an entity sponsored by Triple Net Properties’ acquisition of the property at the end of 2004. Terms of the 10-year non-recourse loan include a 30-year amortization schedule, 65% loan-to-value ratio and pricing based on the 10-year US Treasury. The lender was a CMBS conduit company that has closed several transactions for Triple Net through Cohen Financial.

The increasing occupancy and limited availability of new office space that are driving rents higher in Orange County added security to the lender’s position, says Mark Strauss in Cohen Financial’s Newport Beach office. Strauss originated the loan along with Adam Levinson in Cohen Financial’s Deerfield, IL office.

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