SAN FRANCISCO – NOVEMBER 21, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has secured approximately $90,000,000 in financing for the acquisition and repositioning of an 8 building Office/R&D campus representing 67.5 acres. The Property is located at 16399 West Bernardo Drive in San Diego’s Rancho Bernardo Area.
Mike Walker and Brad Zampa in CBRE’s San Francisco office led the financing alongside Mark McGovern and Scott Peterson in CBRE’s San Diego office. The financing was arranged on behalf of the buyer, an entity owned and managed by Swift Real Estate Partners who is headquartered in San Francisco.
Our team was successful leveraging our relationships and procuring aggressively priced, non-recourse, balance sheet financing. It was a very competitive financing process,” said Mike Walker, Senior Vice President, CBRE Capital Markets.
CBRE creatively tailored the balance sheet financing with a base term of 3 years and the ability to extend the loan as long as 7 years. The non-recourse financing included capital towards the purchase of the property as well as future funding to perform capital improvements for the repositioning of buildings and amenities as well as to cover tenant improvements and leasing commissions. CBRE structured a flexible prepayment provision allowing Swift the ability to sell individual buildings or refinance with long term debt. CBRE closed the financing with Acore Capital, whom CBRE has a long standing working relationship with. Acore Capital is a domestic advisor of debt investments on behalf of a Japanese Life Insurance Company.
Mike Walker added, “Swift is one of the elite West Coast value add investors and owners of large office campus real estate. They have a long track record of successfully repositioning similar projects in size and scope. They are uniquely positioned to shepherd this great project into its next phase.”
About Swift Real Estate Partners
Swift Real Estate Partners (“Swift”) is an independent and vertically integrated real estate investment firm which seeks to generate attractive risk-adjusted returns for its investors. Swift selectively acquires and repositions office and industrial assets in select West Coast markets. Swift identifies unique opportunities and executes well-defined business plans while providing real-time, day-to-day oversight for each investment. Swift’s professionals bring experience encompassing all aspects of real estate investment and management, including acquisition, financing, leasing, disposition, and construction management. Swift was founded in 2010 and is headquartered in San Francisco.
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 (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.