Seligman Refinances Orange County Mixed-Use
Comerica Bank issued the note, according to CommercialEdge.
The Seligman Group has secured a $35.5 million refinancing loan for Bridgecreek Business Park, a 152,917-square-foot mixed-use campus in Garden Grove, Calif., according to CommercialEdge information. Comerica Bank issued the note that replaces a $15.6 million, fixed-rate loan originated by Deutsche Bank Trust Co. Americas in 2015.
Bridgecreek Business Park has been under Seligman’s ownership since July 1999, when the company acquired it from Voit Real Estate Services, the same source shows.
An Orange County business park
Completed in 1977 at 12752 Valley View St., the campus comprises nine one- and two-story buildings across a 9-acre site. The property also features ground-level parking with 470 spots.
The low-rises encompass office, retail and warehouse spaces with ground-level loading, floorplates ranging between 7,160 and 18,610 square feet. The tenant roster includes Mesa Medical Group, Elysium Studio, United Healthcare Association, Cherie Jones & Associates, Bridgecreek Hair Co. and Believe Wellness Center, CommercialEdge shows.
The property is just north of Garden Grove Freeway and close to Interstate 405 Express, which connect Garden Grove to downtown Orange, Calif., and Long Beach, Calif. The 1.2 million-square-foot Westminster Mall is less than 4 miles away.
Despite the current economic uncertainty, commercial real estate lending surged in the first quarter of this year, according to CBRE’s Lending Momentum Index. The CBRE-originated U.S. commercial loan closings were up 13 percent compared to the previous quarter and 90 percent year-over-year. Banks led non-agency loan closings with a 34 percent share, followed by CMBS conduits at 26 percent.
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