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11/18/16
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Harbor Associates has obtained debt and equity financing for Tustin Commons, a three-building office and flex portfolio totaling 210.9k sf in the Orange County city of Tustin. Proceeds of the transaction were used to acquire the campus and fund Harbor’s business plan of transforming the recently vacated former aerospace/defense complex into a highly-amenitized creative office workplace.
The complex was formerly occupied by a single tenant, who vacated the project in April 2016. The property was 12% leased at the time of sale and during escrow, Harbor secured a 20k sf, multi-billion dollar tenant in tow, which will bring occupancy to 22%.
Jaime Fink, John Chun, Greg Brown and Jamie Kline of HFF arranged the floating-rate loan through a lender externally managed by Pine River Capital Management. Additionally, HFF arranged equity financing with an institutional investor advised by Stockbridge Capital Group.
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