$100M Finances Office Tower

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SAN DIEGO-A joint venture of Cisterra Partners and Prudential Real Estate Investors called Right Field Office Partners has landed a $100-million construction loan for the JV’s 15-story DiamondView Tower office project. Tim Wright of the San Diego office of Holliday Fenoglio Fowler, which arranged the financing, notes that the two-year, fixed-rate construction loan was placed with Pacific Life Insurance Co., which also provided a $22-million bridge loan for the JV in December 2004.HFF also arranged the joint venture, bringing Prudential on board as an equity partner, and arranged the bridge loan for the JV. The bridge loan enabled the partnership to purchase the acquisition rights to the 1.15-acre site from the Padres, the title to which just recently transferred, and to fund initial predevelopment work.The DiamondView Tower development is situated within the East Village area of Downtown, on a site just beyond the right field wall of Petco Park at 10th Avenue and J Street. In addition to its approximately 308,000 sf of office space, the tower will include a three-level subterranean parking garage, ground floor retail space and a 4,000-sf skybox overlooking the baseball field, San Diego Bay and the Downtown area.The higher floors in the building will range from 16,600 sf to 17,350 sf and the lower floors 27,600 sf to 33,700 sf. One feature of the project that is unusual for a downtown office building is that it will provide what Wright has calls “suburban parking ratios.” Downtown tenants in San Diego typically get one to two spaces per 1,000 sf of office space, but the DiamondView project offers up to four spaces per 1,000 sf.