Jon Paulson of L.J. Melody & Co. in San Francisco, who arranged the financing, says the first mortgage loan of $12.75 million was secured through Security Life of Denver Insurance Co., a wholly owned subsidiary of ING Investment Management. The equity was provided by a large institutional investor advised by Kennedy Associates, a Seattle-based real estate investment advisor.
Empire Lakes Corporate Center is 99% occupied by 10 large, investment grade, national and regional tenants, Paulson says.
The managing member of CN Empire Lakes LLC is Newcastle Partners Inc., a San Francisco-based investor and developer of office and industrial properties throughout California totaling approximately $275 million in value.L.J. Melody & Co. is a CB Richard Ellis company.
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