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2/06/17
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Newport National Corporation acquired Summit Point, a 146.5k sf office property in San Diego. The purchase was financed with a $28 mil bridge loan arranged by Talonwest Capital and funded by Mesa West Capital.
The Class A, four-story office building is situated on a 20.95-acre site in San Diego’s I-15 Corridor submarket. It had zero percent occupancy at loan closing as the seller was an owner/occupant.
Newport National Corporation plans to make extensive exterior and interior renovations to the existing building. They also intend to develop a second building on the site, creating an innovative office campus.
The loan structure features interest-only payments for the full three-year term, along with two one-year extension options and individual release provisions for maximum borrower flexibility. The loan was arranged by Sherlock, Snyder, Erich Pryor, and Carole Stanley at Talonvest.
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