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11/19/18
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Bolour Associates Inc has refinanced a four-story, 72k sf office building in Mission Viejo they acquired in April 2018 for $21.5 mil. The building, situated on 3.9 acres at 27410 Los Altos, was sold by Bixby Land Company.
Bolour chose to refi the property after completing renovations to the building’s last remaining legacy suites. Previously, Bixby Land Company had started improvements to exterior landscaping, interior common areas and suites.
The refi was arranged by Scott Duntley of Balboa Financial and funded through Umpqua Bank. Karine Clark at Umpqua Bank, was instrumental in processing the fixed, 10-year loan on behalf of the lender.
The building is in close proximity to Mission Viejo Hospital, and California State Route 73 and Highway I-5, making it an ideal location to draw creative office tenants. Bolour’s improvements, which will bring the current Class B+ asset to a Class A asset, will continue to bolster asking rents. CBRE brokers Simon Dillon and Justin Hill are in charge of leasing the property, which is currently 100% occupied.
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