CBRE Capital Markets sourced $158 million from Brookfield Asset Management to refinance the Airport Business Center, an office/ industrial park in Irvine, Calif., Mortgage Observer has exclusively learned.
Brookfield originated the five-year, fixed-rate, full-term interest-only loan, which carries an “all-in interest rate in the low 5 percent range,” according to a representative for CBRE. A Brookfield representative did not respond to a request for comment.
The new loan replaces a senior mortgage provided by two life insurance companies that had an outstanding balance of about $154.4 million. The insurance companies’ identities were not disclosed.
CBRE’s broker team included Brian Halpern, Ben Wagner, Sharon Kline, Marina Massari and Jason Ritchie. Tim Mitchell and Kris Barber of Chatham Financial also worked on the deal, serving as advisers to landlord The Koll Company.
“The refinancing enabled Koll to lower the interest rate on the debt for the property, which will enhance cash flow and flexibility,” Gerald Yahr, managing principal at Koll, said in a statement provided exclusively to MO.
The Airport Business Center, just across the freeway from John Wayne International Airport, has been owned by Koll since the firm developed it in 1969. The 68 buildings hold 700 units on 75 acres.