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4/28/15
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Kostas Kavayiotidis of Pacific Southwest Realty Services’ Los Angeles office has closed a $4.55 mil loan secured by an office building in Irvine’s business district.
The property, the Eureka Building, is a 40k sf building located on Alton Pkwy that was built in 1982. It once housed the corporate headquarters of a Southern California-based company, but it is now a thriving multi-tenant property housing start-ups and technology-focused firms. The property serves the growing tech industry in Orange Countywith innovative workspaces and a collaborative community of firms that are encouraged to work together.
The loan has a 10-year term with a 30-year amortization schedule. It was used to take out bridge financing needed to reposition the asset.
The new loan has no impounds or reserves. It was provided by one of Pacific Southwest Realty Services’ correspondent life insurance company lenders and PSRS will service the loan. The interest rate was locked at application and the lender approved the loan within a few weeks.
Commenting on this debt placement, Kavayiotidis noted, “We were able to achieve the 30-year amortization which increased the borrower’s net cash flow, something that was an important hurdle for our client.”
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