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Hines Refi’s Irvine Campus for $182M
A joint venture between Hines and an unnamed global investment management firm secured $182 million to refinance Intersect, a four-building, mid-rise, Class A office campus totaling 452,060 square feet in Irvine. JLL Capital Markets’ Kevin MacKenzie, John Chun and Nick Lench placed the three-year, interest-only financing with MetLife Investment Management.
Loan proceeds will be used to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018. The properties are located at 17875 and 17877 Von Karman Ave., and 17872 and 17838 Gillette Ave. on a 15.05-acre site situated in the heart of the Irvine Business Complex.
Since the borrower purchased the property, Intersect has undergone a complete renovation with improvements to the interior and exterior to create a vibrant, creative office hub. The transformation took the campus from 13% to 78% leased at the time of closing, with 45% of the tenant roster being investment grade.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing



