Brookfield Asset Management has provided a $158m loan to The Koll Company for the refinancing of the Airport Business Center, an office industrial park in Irvine, California.
The five-year, fixed-rate, interest-only loan carries an interest rate in the low 5% range, according to CBRE’s Capital Markets Debt & Structured Finance team, which arranged the deal.
The new loan refinances an existing loan held by two life insurance companies, which had an outstanding balance at closing of approximately $154.4m.
“The refinancing enabled Koll to lower the interest rate on the debt for the property which will enhance cash flow and flexibility,” said Gerald Yahr, managing principal of The Koll Company, in a statement.
The 1.2 million sq ft complex features 68 buildings and 700 units on a 75-acre campus. The Koll Company purchased the land in 1969.