GSP Secures $39M Acquisition Financing for Laguna Hills Campus
Commercial real estate capital markets firm George Smith Partners (GSP) has closed a pair of loans totaling $39.4 million in acquisition financing for a 224,000-square-foot, five-building office campus in Laguna Hills, CA.
Acquisition financing details indicate that three buildings received $24.8 million of non-recourse, seven-year fixed rate CMBS debt and the remaining two buildings received $14.6 million of non-recourse, 75% LTV, bridge financing.
“This transaction is emblematic of what GSP as a firm does best. Our client came to us and presented us with a complex deal. We worked through several underwriting obstacles and presented a financing structure that included two separate loans to take down the entire campus,” said GSP Managing Director Steve Bram.
Located on Mill Creek and Ridge Route Drive, the property sits on a 16-acre site adjacent to a reservoir, with ample parking. The campus was built in the late 1980’s and completely renovated in 2016-2018.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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