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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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 GlobeSt.com 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).