SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $22.5 million in non-recourse financing for Torrey Reserve North Court I and II, (above centered and bottom right photos) two Class A office properties located in the Del Mar Heights submarket of San Diego, California.
HFF senior managing director Tim Wright, (top right photo) managing director Bill Rose and associate directors Zack Holderman (middle left photo) and Rob Hinckley worked on behalf of American Assets, Inc. in arranging the 10-year fixed-rate loan with John Hancock Real Estate Finance.
Financing proceeds will retire an existing CMBS loan.
“There is competitive financing available for top-tier sponsors and best-in-class real estate – Torrey Reserve meets both those tests,” said Rose.
Completed in 1998, Torrey Reserve North Court I and II total 130,430 square feet and are fully leased to a variety of tenants including law, banking and securities firms.
Located at 11622 and 11682 El Camino Real within the nine-building Torrey Reserve office park, the properties are situated at the Interstate 5/Route 56 interchange providing easy access to Highways 52, 56 and the Sorrento Valley commuter facility.
American Assets, Inc. is a 40-year old real estate company focused on developing and owning commercial real estate in highly desirable West Coast markets including San Diego, San Francisco, Monterey and Waikiki. http://www.americanassets.com/.
HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing.
CONTACTS:
Timothy D. Wright, HFF Senior Managing Director, (858) 552-7690, twright@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmailto:krmurphy@hfflp.com
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