California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Financing
