KEARNY MESA OFFICE

LFB successfully arranged $15,130,000 in acquisition bridge financing for the purchase of two office/R&D buildings that were acquired for $18,500,000. The loan was structured to provide $12,000,000 at closing, or 65% LTP, with a commitment to fund 68% of future TI/LC costs, 50% of budgeted capex costs, and 65% of future rollover costs.   The subject property consists of two buildings totaling 137,406 sf, located in the north San Diego submarket of Kearny Mesa. The two properties include a Class B, three-story office building totaling 36,066 sf, situated on 4.0 acres and a Class B, two-story concrete tilt-up building totaling 101,340 sf, situated on 3.71 acres.

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