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| Summit Phase V, Aliso Viejo, CA |
IRVINE, CA – HFF announced today that it has arranged $33.5
million in financing for Summit Phase V, two Class A office buildings
totaling 250,803 square feet in Aliso Viejo, California.
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| Kevin MacKenzie |
HFF
worked exclusively on behalf of a joint venture between Parker Properties and
RREEF advising a public pension plan, to secure the 2.89 percent, fixed-rate
loan through a life company. The loan
was placed for an eight-year term, full term interest-only, with proceeds used
to retire existing construction financing.
Summit Phase V is comprised of 20 and 30 Enterprise Drive plus a
1,233-space, five-story parking garage.
The properties were completed in 2007 as the fifth phase of
a 1.6 million-square-foot master planned campus with a corporate hotel, dining
and fitness amenities immediately adjacent to the 73 Freeway and close to the
405 and 5 Freeways in Aliso Viejo.
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| Eric Tupler |
Summit Phase V is 97 percent leased to tenants including
Bausch & Lomb, UST Global, Marvel Semiconductor, Avanir Pharmaceuticals and
The Johnny Rockets Group.
The
HFF team representing the borrower was led by senior managing directors Kevin
MacKenzie and Eric Tupler with support from real estate analyst Lee
Redmond IV.
“We
were amazed at how competitive the quotes were that we received through HFF’s
efforts. This is a clear indication
that lenders are felling bullish on the Orange County market once again,” said
Lee Redmond III, managing member of Parker Properties.
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| Lee Redmond IV |
“This
is a good example of how accommodating the current capital markets can be for
strong sponsors with high quality assets.
“ Through an extensive marketing process, we were able to
generate significant interest from a variety of life companies and banks,
ultimately securing terms that aligned perfectly with the sponsor’s needs.
“ This included optimizing proceeds, loan term, a low
fixed-rate, full term interest-only, and flexible prepayment,” added MacKenzie.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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