September 13, 2016
Holliday Fenoglio Fowler, L.P. (HFF) secured $62.5-million in refinancing for Irvine Crossings, a 395,673-square-foot, single-story data center and industrial property in Irvine, CA. Working on behalf of the borrower, Menlo Equities, HFF placed the five-year, full-term interest only, fixed-rate financing with Deutsche Bank.
Irvine Crossings is situated on 21.16 acres in Irvine’s Airport area, where six other data centers are located. Fully-leased to an undisclosed data center operator and an internet technology company, the building was renovated in 2000 and partially converted to a powered shell data center in 2013.
HFF’s Kevin MacKenzie and Jamie Kline represented the borrower.
MacKenzie says, it is challenging to secure “aggressive financing” for data centers. Irvine Crossings’ superior location and sponsorship helped “drive the market and obtain an optimal combination of a low rate, full-term interest only and desired leverage.”
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