American Assets Refinances $60M Via CMBS

SAN DIEGO-Locally based American Assets Inc. has refinanced more than 378,000 square feet of office, medical office and retail properties with nearly $60 million in CMBS loans. The three include two loans arranged by Century City-based Verona Capital Markets totaling $19.5 million and one arranged by the San Diego office of Holliday Fenoglio Fowler for $40 million. All three of the loans refinanced CMBS loans that were maturing, according to co-founder and managing principal Eliav Dan of Verona and senior managing director Tim Wright of HFF, who led the teams from their respective companies who arranged the financings.

The properties that were refinanced included two single-tenant net-leased retail buildings and a multi-tenant medical office building totaling 32,293 square feet in the Del Mar Heights submarket, two office buildings called Solana Beach Corporate Centres I & II totaling 95,753 square feet in the Solana Beach submarket and the 250,000-square-foot Solana Beach Towne Center, a class A retail center in Solana Beach. The Del Mar Heights properties were financed with a $7.5 million non-recourse loan at 6.35% fixed and the Solana Beach Corporate Centres with a $12 million non-recourse loan at 5.9% fixed, compared with rates in the low-8% range when both were previously financed 10 years ago. The $40 million Solana Beach Towne Center loan was at below 6%. All three of the loans were provided by Deutsche Bank Securities.