Drawbridge Realty recently completed the refinancing of a $148.85 million credit facility secured by four fully leased commercial properties. Though completed in the midst of the pandemic, this refinancing comes at an opportune time, says Drawbridge COO Charlie McEachron.

“The additional credit capacity freed up by this loan provides us with ample dry powder for acquisitions in the year ahead,” he adds.

Permanent financing of the facility is provided by California Bank & Trust as administrative agent and joint lead arranger, Bank of the West as joint lead arranger and TCF National Bank for an initial five-year term. Drawbridge has the option to extend the term of the facility to a maximum of seven years.

The facility also includes an accordion feature that allows Drawbridge to increase the CB&T lending commitment by pledging a fifth property as collateral.

The five-year loan is secured by four fully leased buildings (three in Southern California and one in Austin) totaling more than 680,000 square feet: 3300 Duval Rd., a 77,000-square-foot office and lab facility in Austin; Spectrum Corporate Center, a 182,000-square-foot office and R&D complex in San Diego; 4 and 5 Polaris Way, a 169,000-square-foot mission-critical regional headquarters building in Aliso Viejo, Calif.; and 31303 Agoura Rd., a 253,000-square-foot building leased to Bank of America in Westlake Village, Calif.

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