SANTA ANA, CA-Highland Realty Capital Inc. has arranged $34 million in bridge financing for the acquisition of a two-building, 366,600-square-foot industrial property here. The sponsor, Dyer 18 LLC, acquired the property from a joint venture between Denver-based Alliance Commercial Partners and Carval Investors.
Mike Guterman, a principal in HRC's Los Angeles office, handled the financing assignment for the buyer. HRC sourced a New York-based debt fund that funded the transaction through an on-book program.
“The 75% loan-to-cost loan will enable the new sponsorship to reposition the asset and capitalize on the changing dynamics occurring at Tustin Legacy,” says Chris Lee, a partner in Dyer 18. The 18-acre property is located at the northwest corner of Dyer Rd. and Redhill Ave. and is ideally positioned for redevelopment, either in its current use or some other alternative use.
As GlobeSt.com reported last week, vacancy for available space in Orange County's industrial market here has decreased from 7.3% to 5.7% over the past year, Jerry Holdner, VP of market research for Voit Real Estate Services, tells GlobeSt.com. Absorption for this type of space will come in just shy of 2 million square feet for 2013, whereas that figure was around 1 million square feet for 2012.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
