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SAN DIEGO — Realty Capital has closed $20.9 million in refinancing for the renovation and lease-up of 39,000-square-foot property in San Diego’s Del Mar submarket. The undisclosed borrower will use the loan to refinance an existing loan, finish outstanding capital improvement items, built-out speculative suites and lease vacant space.
The non-recourse loan features interest-only payments and a floating rate, as well as a 36-month term, two extension options and flexible prepayment. The financing includes a facility to provide additional funding for capital improvements, tenant leasing costs and interest and carry shortfalls.