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1/30/20
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Swift Real Estate Partners has secured new financing on its Rancho Vista Corporate Center, an 817k sf, office/R&D campus in San Diego. The $111.5 mil refi loan was arranged by CBRE Capital Markets’ Debt & Structured Finance group.
Rancho Vista Corporate Center is comprised of multiple office/R&D buildings and a three-story Class A office building, totaling 816.8k sf on 67.5 acres. The campus, located at 16399 West Bernardo Dr, is centrally located within the Rancho Bernardo Industrial Park, west of I-15 in the Rancho Bernardo submarket of San Diego.
Swift Real Estate Partners acquired the campus in 2016 and has since completed a $70 mil transformation of the entire campus including upgraded building systems, added amenities including a fitness center and outdoor sport court facility; open-air collaboration and gaming areas; cafeteria renovation; new façades, exterior and landscaping; and increased connectivity between the buildings. Swift recently completed the final stage of their repositioning strategy, which included converting Building 60 from an R&D use to Class A Creative Office.
CBRE’s Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard, secured the floating rate financing. Annaly Commercial Real Estate was the lender on the transaction, which closed on January 7th.
“Lender demand for the Rancho Vista refinance was extremely strong, driven by the strength of the sponsorship and the leasing demand we are witnessing in the submarket. Investment grade companies are looking to establish or expand employment in the region and capital continues to gravitate towards top tier sponsors in gateway markets like San Diego.” said Walker.
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