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Newmark Lines Up $55M Acquisition Loan for Costa Mesa Offices
Newmark arranged $55 million in acquisition financing for Canvas Costa Mesa, a 553,000-square-foot, five-building office complex in the SOBECA District of Costa Mesa. Managing director Brian Bowis secured the financing on behalf of the buyer, MGR Real Estate. Hankey Capital provided the loan to MGR to finance the acquisition, reportedly valued at $91.5 million.
“Canvas offered an attractive basis relative to comparable properties and replacement costs,” said Bowis. “I’m pleased to have worked with MGR Real Estate for the firm’s first major office acquisition in the Orange County market.”
Located at 3070-3150 Bristol St., Canvas was 68% leased at the time of sale to diversified tenants that include 5.11, Public Media Group of Southern California, Carollo Engineers and Amen Clinics.
- ◦Sale/Acquisition
- ◦Financing
