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9/24/18
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Harbert Management Corporation and Cypress Office Properties have refinanced Oberlin Tech, a 105.6k sf life science and office property in San Diego’s Sorrento Valley area. Oberlin Tech is located at 5555, 5601, 5626 and 5627 Oberlin Dr, east of I-5 and just north of Carroll Canyon Rd.
The new $25.15 mil loan was arranged by Dave Williams and Briana Harney of NorthMarq Capital. The loan was structured with a two-year interest-only term and funded by a bridge/mezzanine lender.
“HMC and Cypress acquired Oberlin Tech in 2016 and have successfully repositioned the property to primarily life sciences uses,” explained Williams. “The new loan allowed the borrower to refinance their existing debt on the property and will fund current and future capital expenditures, ultimately enabling the borrower to complete their business plan.”
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