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| Four-building, mid-rise Class A office campus, Irvine, CA |
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| Kevin MacKenzie |
NEWPORT BEACH, CA –– HFF announces
$144 million in financing for Intersect, a four-building, mid-rise, Class A
office campus totaling 452,203 square feet in Irvine, California.
The HFF team worked on behalf of the borrower, a
joint venture between a leading global investment management firm and Hines, to
secure the three-year plus extension options, floating-rate loan through New
York Life Insurance.
Loan proceeds will be used to retire existing debt
and fund the remaining lease-up of the property.
Intersect comprises Buildings A, B, C and D,
located at 17875 and 17877 Von Karman Avenue and 17872 and 17838 Gillette
Avenue respectively in the core Airport-area submarket of Orange County.
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| John Chun |
The 15.05-acre site is situated at the
high-profile intersection of Main Street and Von Karman Avenue in the heart of
the Irvine Business Complex just two blocks north of Interstate 405.
Intersect is surrounded by a robust amenity base of retail,
restaurants and entertainment offerings, including Irvine Concourse directly
across the street, Park Place, South Coast Plaza, The District, Fashion Island,
as well as the Tustin Legacy project currently under development.
Since
2015, the property has undergone a complete renovation with improvements to the
interior and exterior as well as the addition of a new state-of-the-art
restaurant, and the addition of micro-retail shipping containers that will
serve grab-n-go coffee, juice and food throughout the day.
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| Jamie Kline |
Intersect also features an above average
parking ratio of 4.4 spaces per 1,000 usable square feet through a combination
of surface parking, a 1,583-space structured parking garage at 17892 Gillette
Avenue and a 177-stall subterranean parking facility.
The HFF debt placement team representing the
borrower included executive managing director Kevin MacKenzie, senior
director John Chun, director Jamie Kline, and associate Peter
Thompson.
The HFF investment advisory team assisting in
the transaction included Michael Leggett and Dereck Barker.
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| Peter Thompson |
By working together with our Investment Advisory
team to establish value, and then structuring the financing offer properly
based on current metrics in the debt markets, the sponsor was able to partially
re-capitalize the asset mid-way through the business plan while significantly
reducing their cost of capital. Hines and NY Life were excellent to work with
throughout the process.”
Holliday GP Corp. ("HFF") is a real
estate broker licensed with the California Department of Real Estate, License
Number 01385740.
For more information, please contact:
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