PNC Financial Services has provided a $93.5m first mortgage loan for the acquisition of the two-building Aventine office and retail complex in San Diego, California.
The loan, which carries a loan-to-value ratio of about 62 percent, funds Massachusetts-based Rockpoint Group’s $150m acquisition from Blackstone.
The 240,000 sq ft complex is made up of an office building and retail strip at 8910 and 8960-8990 University Center Lane, respectively.
Blackstone held $225m in mezzanine debt on an original 17-property office and industrial portfolio that the Aventine was bundled with, and in January 2012 the firm paid an entity affiliated with Morgan Stanley Real Estate Fund an undisclosed amount to purchase the entire portfolio.
Tenants at the Aventine include The Melting Pot, Cafe Japengo, Ameriprise Financial and Exosome Sciences. Constructed in 1990, the two-building property has an occupancy of 95 percent.
Rockpoint is a real estate private equity firm with an acquisition portfolio of more than 150 properties totaling about $14bn, about $6bn of which is invested in office properties.
In June, PNC Bank led a syndicate that provided a $154m construction loan to Heatherwood Communities for the development of a 58-story multi-family rental property at 42-12 28th Street in the Court Square area of Queens’ Long Island City.