CBRE Secures $43MM in Financing for the Acquisition of Union Bank Building in San Diego, CA

CBRE Capital Markets, Union Bank, San Diego, Swift Real Estate Partners, CBRE Capital Markets’ Northern California Institutional Properties

SAN FRANCISCO – SEPT. 5, 2017 – CBRE Capital Markets’ Debt & Structured Finance team has secured $43.0 million in financing for the acquisition of 530 B, also known as the Union Bank Building, a 24-story, ± 232,000 square foot Class A office tower in Downtown San Diego, California.

Mike Walker, Brad Zampa, Megan Woodring, and Taylor Shepard of CBRE’s Downtown San Francisco office and Mark McGovern and Scott Peterson of CBRE’s San Diego office secured and structured the floating-rate loan at a very low spread priced over 30-day LIBOR on behalf of the borrower, an entity owned and controlled by San Francisco-based Swift Real Estate Partners. The seven-year, interest-only loan was provided by a domestic life insurance company and provides funds to execute capital improvements as well as pay leasing commissions and tenant improvements. The loan also maintains flexibility to sell the property without incurring prepayment penalties in the later years of the loan term.

“Lenders competed aggressively for this opportunity. The reputation and track record of the sponsor, quality in-place tenancy and strong fundamentals in San Diego’s downtown sub-market created a frenzy of lender interest. We are thrilled with the execution,” said Mr. Walker.

Louay Alsadek and Hunter Rowe of CBRE’s San Diego office arranged the sale of the property on behalf of the seller.

“With downtown San Diego experiencing its highest historical net absorption this past year and a significant decrease in vacancy combined with the continued growth of the downtown population, the Five Thirty B offering attracted significant interest from investors and lenders alike,” said Mr. Alsadek.

Founded in 2010, Swift Real Estate Partners is headquartered in San Francisco with regional offices in Orange County, Portland and the Silicon Valley/East Bay. Swift is an independent and vertically integrated real estate investment management firm which seeks to generate attractive risk-adjusted returns for its fund investors. The company acquires and repositions office and industrial assets in select West Coast markets. Swift, through its various funds, has purchased approximately 5.5 million square feet of real estate and has over $1.3 billion of assets under management.

Based in San Francisco, Mike Walker and Brad Zampa are partners on CBRE Capital Markets’ Northern California Institutional Properties team focusing on debt and structured finance transactions. CBRE’s Capital Markets team in the West provides investment advisory and debt and structured finance solutions for institutional investors, private capital and corporate owners/users throughout the West Coast.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at

West Coast Commercial Real Estate News