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IRVINE, CA—A newly formed LLC comprising a subsidiary of Five Point Holdings and two other investors has secured a five-year, floating-rate, $339-million loan from Starwood Property Trust for Five Point Gateway, a four-building office/R&D campus here. FPH holds a majority of the equity interest in the development.

The borrower is acquiring the assets through a partial sale-leaseback with investment-grade tenant Broadcom Corp., the project developer after it acquired the land in order to build a corporate campus. The development, which is nearing the completion of construction, will comprise more than 1 million square feet of space.

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Designed by architecture firm Gensler, the buildings are located at 15101, 15131, 15161 and 15191 Alton Pkwy. and are part of the larger 72-acre Great Park Neighborhoods master-planned community in the Irvine Spectrum Submarket. Broadcom plans to leaseback 15101 and 15191 Alton Pkwy., which total 640,944 square feet or 64% of the total portfolio, on a triple-net basis. Confirmed tenants of the other two buildings at 15131 and 15161 Alton Pkwy. will include Lennar Corp. and Five Point, with the remaining 232,223 square feet currently available for lease. The campus will feature a generous amount of open park space with landscaping, “best-in-class” new construction and extensive amenities.