SAN DIEGO-A joint venture that includes Hines, a Houston-based developer, and institutional investors instructed by J.P. Morgan Asset Management has secured a $188-million senior financing for the construction of the La Jolla Commons campus in University Towne Center. Construction is underway on a second UTC office tower.
The joint venture secured the loan from Wells Fargo. The Capital Markets division at Jones Lang LaSalle arranged the transaction. The new 13-story office tower is scheduled to be completed in 2014. For the full story, go to San Diego Business Journal .
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