CBRE arranged $34 million in bridge debt financing for the recapitalization of Valencia Corporate Plaza, the real estate firm said Wednesday.
The nearly 200,000-square-foot property, located at 28470-28490 Avenue Stanford, is a three-building, mid-rise office complex.
“Recent upgrades, great building bones, and its central location close to a multitude of amenities, make Valencia Corporate Plaza a fantastic opportunity,” Marina Massari, a CBRE agent who facilitated the loan, said in a statement. “With additional leasing over the term of the loan, which will add to an already desirable and high-credit tenant roster, the asset will become even more attractive to investors.”
Owners True North Capital Management received the loan from CBRE Capital Markets’ Debt & Structured Finance team for recapitalization, which restructures a company’s debt and equity mixture to stabilize or optimize a company’s capital structure, according to Investopedia.
The debt has a three-year term, with two extensions and full-term interest only, CBRE said in a news release.