NEWPORT BEACH, CA—Cohen Financial, a national real estate capital services firm, has secured a $25.75 million refinancing for Phase 2 of the Uptown Newport development. The 323,357 square foot Jazz Semiconductor manufacturing facility is located on approximately 12 acres near the intersection of Jamboree Road & Fairchild Drive in Newport Beach. The facility has entitlements for more than 500 residential units although Jazz Semiconductor has the ability to continue in occupancy for up to 12 years.

Mark Strauss, managing director of Cohen Financial's Irvine office, and Robert Quarton secured the fixed rate, five-year term loan with CorAmerica Capital, LLC for the owner, Shopoff Realty Investments.

“Because of the unique situation regarding the value of the entitlements running with the land in comparison to the value created by the existing cash flow, we exposed the property to the full spectrum of lender prospects. It took a lender with the ability to get comfortable with the underlying security of the land value in conjunction with the current cash flow to maximize the proceeds for the borrower,” said Strauss. “We were able to secure a non-recourse loan at a very competitive rate at full proceeds relative to in-place cash flows.”