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Mira Mountain Ltd. Sews Up $5M Loan

SAN DIEGO-The owner of Black Mountain Center refinances the mixed-use asset with a permanent loan from a Wall Street lender. Encompassing 40,365 sf, Black Mountain Center is 100% occupied.

By Erin Cassin | Updated on August 31, 2004

SAN DIEGO-Mira Mountain Ltd., which owns the mixed-use Black Mountain Center asset, has secured a $5-million loan for the local property.The borrower plans to use the permanent loan to refinance the 40,365-sf asset, which stands at 9474-9494 Black Mountain Rd. “Basically, it was a tremendous opportunity and the borrower took advantage of the low interest rates to reposition the debt,” Jesse Lowe of Burnham Real Estate Capital Markets Group tells GlobeSt.com. Lowe, along with Burnham colleague Scott Abell, arranged the financing for Mira Mountain Ltd. “Due to the conservative loan request, the borrower was able to take advantage of some low spreads from the Wall Street lenders,” Lowe adds.Black Mountain Center, which is comprised of both office and retail space, is currently 100% occupied, Lowe says. Tenants here include Napa Auto Parts, Enterprise Rent-a-Car, a couple of restaurants and a dental practice. “It continues to be a great time to borrow in San Diego,” Lowe says, pointing out that the area is currently known for its relatively low vacancy rates across the board, regardless of product type. As he explains, “every lender wants to be here because of the great collateral.”

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