EL CAJON, CA-Westport Capital Partners LLC, based in Wilton, CT, has refinanced an industrial business park here for $15.4 million. Real Estate Finance Group and Marcus & Millichap arranged the financing for the six buildings, which total about 245,000 square feet.
The park includes the buildings at 1280, 1290, 1300 and 1400 N. Johnson Ave. and 750 and 900 Vernon Way. The facilities were built in 2001 and purchased by Westport almost exactly one year ago today.
Adam Petriella, managing partner at Los Angeles-based REFG, and Anita Paryani, FVP at Marcus & Millichap, arranged the financing. The loan is for four years, amortized over 30 years, with a 65% loan-to-value.
Petriella said in a statement that his relationship with lenders allowed an extremely low interest rate, LIBOR plus 2.25%. “Two previous lenders struggled with the loan due to historical environmental issues and concerns about the current occupancy,” he said. “We demonstrated that the environmental issues have been taken care of and that recent leasing activity validates the strength of the asset.” Petriella did not return a call for comment, and the current vacancy is unclear, though a broker leasing sheet shows about 184,000 square feet available.