SunTrust Bank has provided a $26.1 million acquisition loan on an office campus in West Covina, California.
The bank provided the three-year, floating rate loan on the Class A, two-building, 176,843 sq ft Lakes at West Covina to a partnership between Stillwater Investment Group, Greenlaw Partners and CrossHarbor Capital Partners.
The Lakes at West Covina is 78 percent leased to both national and regional tenants, including Wells Fargo Bank, the US General Services Administration, Siemens Corporation, the State of California, Trilogy and Fresnius. The property, renovated in 2004, is located at 1000 and 1050 Lakes Drive, about 20 miles east of Los Angeles.
SunTrust Bank had a total of $194.2 billion in assets by March 31, 2016, according to the company’s latest earning release.
Stillwater Investment Group is a California-based real estate firm focused on acquiring and managing core-plus and value-add office and industrial throughout California and Arizona and has completed more than $200 million in total investments since its formation in 2014.
Greenlaw Partners is real estate investment, management and development company which manages more than $1.5 billion in assets. And CrossHarbor Capital Partners invests in core-plus, value-add and opportunistic commercial real estate transactions and has invested more than $12 billion.
HFF arranged the financing.