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Drawbridge Completes $148M Refi at Opportune Time

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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