IRVINE, CALIF. – Airport Business Center, a 1.2-million-square-foot office/flex industrial park in Irvine, has received $158 million in financing. The 75-acre campus is located just across Interstate 405 from John Wayne Airport.
The funds will refinance an existing loan held by two life insurance companies. This loan carried an outstanding balance at closing of about $154.4 million.
The 68-building Airport Business Center has been owned and managed by The Koll Company since it purchased the land and commenced construction in 1969. The park contains 700 units.
The five-year, fixed-rate, full-term, interest-only loan was arranged by CBRE Capital Markets’ Debt & Structured Finance team. It was facilitated by CBRE’s Brian Halpern, Ben Wagner, Sharon Kline, Marina Massari and Jason Ritchie. The loan features an all-in interest rate in the low 5 percent range.
Koll received interest rate strategy advice from Tim Mitchell and Kris Barber of Chatham Financial’s Denver office.