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3/26/18
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Kelemen Caamano Investments (KCI) obtained a $34 mil bridge loan on Corporate Pointe, a five-building portfolio located at 1, 3, 5, 7 and 9 Corporate Park in Irvine. The financing was arranged by Joe Giordani and John Marshall with NorthMarq Capital.
The property, located within walking distance of the District, consists of 160.5k sf of office space originally built in 1986. The sponsor plans to improve the asset through upgrades to the building systems, bathrooms, common areas, and exteriors.
The upgrades will include some much-needed amenities to the office park as well, such as a coffee shop and outdoor break areas. Through this refresh of the asset, the borrower will be implementing a new marketing and leasing strategy to retain existing tenants and attract new tenants to the property.
“KCI has a long track record of repositioning office space in Orange County – we aim to add value to regional and local tenants through creative yet affordable design and class leading asset and property management. We believe we’re delivering excellent risk-adjusted returns to our investors as Class A and creative office construction yields continue to compress and underperform market absorption,” said Tibor Kelemen, a founder and principal at KCI.
The non-recourse loan is at 70% of total project cost and features future funding for tenant improvements, leasing commissions, and capital expenditures. The five-year loan includes full-term, interest-only payments, flexible prepayment and the option for individual parcel releases. The loan was provided by an institutional, non-bank lender with cheap, flexible foreign capital.
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