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November 28, 2023
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Majestic Asset Management Lands $15.7 Mil in Financing on Two Office Buildings


Majestic Asset Management Inc has obtained two loans totaling $15.72 mil for 125 and 175 Cremona Drive, two office buildings totaling 133.3k sf in the Santa Barbara County city of Goleta. The firm acquired the buildings, situated on adjacent parcels totaling over eight acres, for $24.25 million.

125 and 175 Cremona Drive are located within University Business Center, which is situated just south of Hwy 101 and offers convenient access to Santa Barbara Airport and University of California, Santa Barbara. 125 Cremona sits on a 5.02-acre site and offers 82.1k sf of office space as well as abundant onsite parking. 175 Cremona, which is located on a 3.15-acre lot, contains 51.2k sf of flexible office and industrial space that is fully leased to four tenants.

The financing included a $6.66 mil, non-recourse, 36-month, floating-rate bridge loan through a regional bank for 125 Cremona Drive, a building that was going 100% vacant three months into the acquisition. There was also a $9.1 mil, five-year, fixed-rate acquisition loan through a separate regional bank for 175 Cremona Drive.

Francois DeJohn and Steve Hayes of Hayes Commercial Group represented both parties in the sale transaction.

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