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SANTA ANA, CA-The new owners of Griffin Towers have refinanced the 547,000-square-foot office complex for $62 million in a deal arranged by the Debt & Equity Finance Group of CB Richard Ellis. The new financing comes near the same time as CBRE brokered the $22.25 million sale of the 98,551-square-foot building 999 Town & Country Road office building in the City of Orange to Los Angeles-based REIT Kilroy Realty.

Lincoln Property Company and Angelo Gordon & Co. bought the Griffin Towers complex of two 12-story office towers for $90 million in March of this year. According to CBRE’s Chapin Hunt, who handled the recent refinancing on behalf of the joint venture ownership, the new financing is with New York State Teachers Retirement System, a New York State pension fund.  The seven-year deal includes $50 million in initial funding on day one, and structured future funding of $12 million for costs associated with lease-up and stabilization.

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