Walton Street Capital has received an $82.5 million loan to refinance Orange County Business Center, a five-building office property totaling some 435,000 square feet in Santa Ana, Calif., according to public records. Natixis provided the floating-rate financing for the Class B asset.
Walton Street acquired the office campus in 2018 for $73.3 million and CommercialEdge data shows the buyer financed the purchase with a $61.5 million loan from Bank of America. The seller was PS Business Parks.
Completed in 1986, the asset comprises five two-story buildings with floor plans of up to 80,000 square feet. A various mix of tenants populates the office park’s roster, including Varys, MedXM and Orange County Environmental Health Division.
Orange County Business Center occupies nearly 23 acres at 1221-1261 E. Dyer Road. The property is roughly 4 miles south of downtown Santa Ana, just west of Costa Mesa Freeway and 2 miles north of Interstate 405.
A rare refi
Large single-asset office refinancing deals have been few and far in between in Orange County during the past couple of quarters. According to CommercialEdge, Irvine Co. refinanced its loan on 620 Newport Center Drive in Newport Beach, located some 8 miles south of Orange County Business Center, last November. Irvine Co.’s new loan on the 237,000-square-foot Newport Beach property amounts to $95 million, held by Prudential Financial.
Last November, Drawbridge Realty Trust also took out a nearly $149 million refinancing loan for four Southern California properties, two of them in Orange County—4 and 5 Polaris Way in Aliso Viejo—as well as an asset in Austin, Texas.