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Sunday, Jul 21, 2024
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Office Owner Secures $31.5M in Refinancing

An affiliate of San Diego-based Davlyn Investments has obtained $31.5 million in acquisition refinancing for the Northridge Summit office building in Scripps Ranch, according to NorthMarq Capital, which arranged the financing.

The three-story building is at 12220 Scripps Summit Drive. A company statement said NorthMarq’s Eric Flyckt secured the loan through its relationship with a commercial mortgage backed securities lender.

Davlyn Investments in October announced the signing of technology tenants Intel Corp. and Turtle Beach Systems to new leases totaling more than $17.1 million, bringing the property to full occupancy.

The building was constructed in 2001 near Interstate 15 and occupied for 10 years by Nokia. According to CoStar Group and public data, Davlyn purchased the then-vacant building in 2011 for $23.5 million and subsequently renovated the property.

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