LAGUNA HILLS, CALIF. — Alicia Office Park, an 86,360-square-foot office campus in Laguna Hills, has received a $10-million bridge loan. The park is located at 25201, 25231 and 25241 Paseo de Alicia. The property contains three separately parceled office buildings that were developed in 1979 and renovated in 2008.
The loan included an initial $7.5 million, along with an additional $2.4 million structured as a holdback for future tenant improvements, leasing commissions and capital expenditures. The park is currently 61 percent occupied. This rate will decrease to about 35 percent occupancy, however, when a large tenant lease expires this summer. The debt was structured around this decrease in occupancy. The loan was arranged by Steve Tucci and Shaun Moothart of CBRE’s Debt and Structured Finance team through a debt fund.