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San Diego Office Tower Recapitalized with $130 Mil First TD

8/18/15

The EMMES™ Group of Companies has recapitalized 1 Columbia Place, a 556k sf, Class A office complex in Downtown San Diego, with $130 million in first mortgage debt. The loan was provided by Mesa West Capital.

A majority of the proceeds from the five-year, non-recourse loan will be used to refinance the CMBS loan Emmes assumed when it acquired the 27-story high rise in 2012. Funds have also been earmarked for additional leasing costs and to continue EMMES™’s capital improvement program that will complete a $20 mil renovation and repositioning of the re-named Columbia Center located at 401 W. A Street.

“EMMES™ acquired an iconic building and transformed it into one of the most desirable places to work in Downtown San Diego,” said Mesa West Principal Steve Fried, who led the origination team for Mesa West. “The building is approximately 80% leased and with the majority of the vacancy on full upper floors, the asset is well positioned to take advantage of the significant recent renovation and strong location in one of Downtown San Diego’s key growth corridors.

With the financing of 1 Columbia Place, Mesa West has deployed approximately $600 mil in short-term first mortgage debt in the last two months for the acquisition or recapitalization of hotel, office and multifamily assets located in New York, San Diego, Chicago, Palm Beach and Washington, DC.

R. Mark Williams and Jack Cheng in Eastdil Secured’s Orange County and Los Angeles offices arranged the financing.





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