January 28, 2021
Drawbridge Realty just recently completed the refinancing of a $148.85 million credit center protected by 4 fully rented business residential or commercial properties. Though finished in the middle of the pandemic, this refinancing comes with a favorable time, says Drawbridge COO Charlie McEachron.
“The additional credit history ability freed up by this loan supplies us with adequate dry powder for acquisitions in the year ahead,” he adds.
Permanent financing of the facility is given by California Financial institution & & Depend on as management representative and joint lead arranger, Bank of the West as joint lead arranger as well as TCF National Financial institution for an initial five-year term. Drawbridge has the option to prolong the term of the center to an optimum of seven years.
The facility additionally includes an accordion function that allows Drawbridge to increase the CB&T financing dedication by pledging a fifth residential or commercial property as security.
The five-year financing is safeguarded by 4 completely rented buildings (three in Southern The golden state and one in Austin) completing greater than 680,000 square feet: 3300 Duval Rd., a 77,000-square-foot workplace as well as laboratory facility in Austin; Spectrum Corporate Facility, a 182,000-square-foot office as well as R&D complicated in San Diego; 4 as well as 5 Polaris Means, a 169,000-square-foot mission-critical regional headquarters structure in Aliso Viejo, Calif.; as well as 31303 Agoura Rd., a 253,000-square-foot building leased to Financial institution of America in Westlake Village, Calif.
For remarks, questions or problems, please get in touch with Lisa Brown