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SAN DIEGO-American Assets Inc. has closed on a $22.5 million, 10-year, fixed-rate non-recourse loan on its 130,430-square-foot Torrey Reserve North Court I and II, two class-A office properties. According to the San Diego office of HFF Holliday Fenoglio Fowler, which arranged the financing on behalf of the 40-year-old real estate development and investment firm, financing proceeds will retire an existing CMBS loan.

HFF senior managing director Tim Wright, managing director Bill Rose and associate directors Zack Holderman and Rob Hinckley worked on behalf of American Assets to place the loan with John Hancock Real Estate Finance. The two office buildings are class A properties in the Del Mar Heights submarket of San Diego.

Rose says that the loan illustrates that, “There is competitive financing available for top-tier sponsors and best-in-class real estate,” and that the Torrey Reserve office buildings meet both of those tests. Completed in 1998, Torrey Reserve North Court I and II total are fully leased to a variety of tenants including law, banking and securities firms. The two office buildings are located at 11622 and 11682 El Camino Real within the nine-building Torrey Reserve office park, situated at the Interstate 5/Route 56 interchange, with access to highways 52, 56 and the Sorrento Valley commuter facility.

In addition to properties in San Diego, American Assets is focused on developing and owning commercial real estate in other West Coast markets, including San Francisco, Monterey and Waikiki.

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