March 17, 2017
Newport Beach, CA-based MetroGroup Realty Finance secured $34.3 million in acquisition financing on behalf of Klein Investment Family LP for a four-building office/flex campus buy in San Diego. The 132,695-square-foot, Kearney Mesa submarket property completed a 1031 exchange.
MetroGroup’s financing approach included combining a $7-million bridge loan and a $27.3-million permanent loan. The permanent financing was for a 7-year term, amortized over 25 years. The bridge loan was interest only, floating over LIBOR for a term of one year.
“The bridge loan will provide temporary liquidity in anticipation of their selling an existing property,” said MetroGroup’s Patrick Ward. “Proceeds from the sale of their existing property will retire the bridge loan and complete the reverse exchange.”
The 100%-leased property, occupied by aerospace and defense contractor Cobham Advanced Electronic Solutions, is at 9404 Chesapeake Dr., and 5775, 5785 and 5788 Roscoe Ct.
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