{"id":1004189651,"date":"2017-09-07T08:05:08","date_gmt":"2017-09-07T16:05:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189651"},"modified":"2022-12-08T18:30:44","modified_gmt":"2022-12-09T02:30:44","slug":"cbre-secures-43m-san-diego-acquisition-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-secures-43m-san-diego-acquisition-financing\/","title":{"rendered":"CBRE Secures $43M San Diego Acquisition Financing"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004189667\" style=\"width: 368px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/530-B-Union-Bank-Building.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004189667\" data-attachment-id=\"1004189667\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbre-secures-43m-san-diego-acquisition-financing\/530-b-union-bank-building\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/530-B-Union-Bank-Building.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"530 B, Union Bank Building\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;530 B, Union Bank Building&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/530-B-Union-Bank-Building.jpg?w=800\" class=\"wp-image-1004189667 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/530-B-Union-Bank-Building.jpg\" alt=\"530 B, Union Bank Building\" width=\"358\" height=\"278\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/530-B-Union-Bank-Building.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/530-B-Union-Bank-Building.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/530-B-Union-Bank-Building.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 358px) 100vw, 358px\" \/><\/a><p id=\"caption-attachment-1004189667\" class=\"wp-caption-text\">530 B, Union Bank Building<\/p><\/div>\n<p>Swift Real Estate Partners tapped CBRE&#8217;s Capital Markets Debt &amp; Structured Finance team to secure acquisition financing for 530 B, also known as the Union Bank Building, in downtown San Diego.\u00a0<\/p>\n<p>Mike Walker, Brad Zampa, Megan Woodring, Taylor Shepard, Mark McGovern and Scott Peterson secured and structured the $43 million floating-rate loan at a low spread priced over 30-day LIBOR. Swift purchased the building for $57.7 million from Bosa Development, according to Yardi Matrix.\u00a0Louay Alsadek and Hunter Rowe arranged the sale of the property on behalf of the seller.\u00a0<\/p>\n<p><em>\u201cLenders competed aggressively for this opportunity. The reputation and track record of the sponsor, quality in-place tenancy and strong fundamentals in San Diego\u2019s downtown submarket created a frenzy of lender interest. We are thrilled with the execution,\u201d<\/em>\u00a0said Walker, in prepared remarks.<\/p>\n<h2>Capital improvements<\/h2>\n<p>The seven-year, interest-only loan was provided by a domestic life insurance company and maintains flexibility to sell the property without incurring prepayment penalties in the later years of the loan term.\u00a0The loan will provide funds for capital improvements as well as leasing commissions and tenant improvements.\u00a0<\/p>\n<p>The 232,936-square-foot Class A office tower\u00a0is LEED Gold certified and features common area Wi-Fi, above standard ceiling heights and 233 parking spaces. The 24-story property is home to tenants such as Pick Law, Systems Source, Backstrom &amp; Associates and Stockwell, Harris, Woolverton &amp; Helphrey. According to Yardi Matrix, the building currently has a 12.2 percent vacancy rate, across eight spaces totaling 30,767 square feet.\u00a0<\/p>\n<p><em>\u201cWith downtown San Diego experiencing its highest historical net absorption this past year and a significant decrease in vacancy combined with the continued growth of the downtown population, the\u00a0Five Thirty\u00a0B offering attracted significant interest from investors and lenders alike,\u201d<\/em> said Alsadek, in prepared remarks.<\/p>\n<p>Swift also worked with CBRE&#8217;s Capital Markets Debt &amp; Structured Finance team on the refinancing of Rosewood Commons, an 863,000-square-foot, Class A <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-secures-152m-bay-area-office-refi\/\">office complex<\/a> in Pleasanton, Calif.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Swift Real Estate Partners purchased 530 B from Bosa Development. The seven-year, interest-only loan will provide funds for capital improvements, leasing commissions and tenant improvements.<\/p>\n","protected":false},"author":746,"featured_media":1004189667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,21747,1608,15],"tags":[32789,32779,34208],"class_list":["post-1004189651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-office","category-san-diego","category-west","tag-cbre","tag-leed","tag-swift-real-estate-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBRE Secures $43M San Diego Acquisition Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-secures-43m-san-diego-acquisition-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Secures $43M San Diego Acquisition Financing\" \/>\n<meta property=\"og:description\" content=\"Swift Real Estate Partners purchased 530 B from Bosa Development. 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