Landmark Real Estate has closed on a $17 million bridge loan that will be used for the acquisition of Sunroad Financial Plaza, a 72,000-square-foot medical office property in San Diego.
The medical office building is currently 72% leased. In addition to acquiring the property, the borrower will also use the proceeds from the loan to lease the property and execute its business plan.
Landmark identified a lender who was able to satisfy the borrower's need for higher leverage, an extended loan term and an expedited close. The loan includes a non-recourse guarantee and interest only payments of the 4-year term. The loan was priced at LIBOR + 3.10% with a below market LIBOR floor. The loan also provides additional funding to cover all expenses related to tenant improvements, leasing commissions and capital expenditures.
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Kelsi Maree Borland
