Business Park Acquisition Gets Interim FinancingTuesday, May 22, 2012
Marcus & Millichap Capital Corp. and The Real Estate Finance Group have arranged $15.4 million in interim financing for the acquisition of a 245,000-square-foot business park in El Cajon, the companies announced recently in separate statements.
The borrower was North Johnson Vernon Property LLC, according to Los Angeles-based Real Estate Finance Group.
According to CoStar Group, North Johnson Vernon, a unit of Connecticut-based Westport Capital Partners LLC, agreed in May 2011 to purchase the six-building Center Pointe Business Park for $22.4 million. The seller was locally based House Properties.
The acquisition included four buildings on North Johnson Avenue and two on Vernon Way.
Marcus & Millichap said the four-year loan, amortized over 30 years, was arranged through an unnamed lender, after two previous lenders “struggled with the loan due to the property’s historical environmental issues and concerns over its current occupancy.”