SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance team has secured approximately $90 million in acquisition and repositioning financing for an eight-building office and R&D campus in San Diego. The property is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket.
Financing was arranged on behalf of the buyer, an entity owned and managed by Swift Real Estate Partners. CBRE tailored the balance-sheet financing with a base term of three years and the ability to extend the loan as long as seven years. The non-recourse financing included capital toward the purchase of the property, as well as funding to perform capital improvements to reposition the buildings and amenities.
The funds will also cover tenant improvements and leasing commissions. CBRE structured a prepayment provision that will allow Swift to sell individual buildings or refinance with long-term debt.
CBRE closed the financing with Acore Capital, a domestic advisor of debt investments that worked on behalf of a Japanese Life Insurance Company.