{"id":1004456587,"date":"2020-06-16T04:41:30","date_gmt":"2020-06-16T12:41:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004456587"},"modified":"2021-05-15T08:42:51","modified_gmt":"2021-05-15T16:42:51","slug":"hines-jv-closes-182m-refi-in-orange-county","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-jv-closes-182m-refi-in-orange-county\/","title":{"rendered":"Hines JV Closes $182M Refi in Orange County"},"content":{"rendered":"<div id=\"attachment_1004456644\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Intersect-Irvine-Calif..png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004456644\" data-attachment-id=\"1004456644\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-jv-closes-182m-refi-in-orange-county\/intersect-irvine-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Intersect-Irvine-Calif..png\" 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;0&quot;}\" data-image-title=\"Intersect, Irvine, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Intersect. Image courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Intersect-Irvine-Calif..png?w=800\" loading=\"lazy\" class=\"wp-image-1004456644 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Intersect-Irvine-Calif..png\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Intersect-Irvine-Calif..png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Intersect-Irvine-Calif..png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Intersect-Irvine-Calif..png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004456644\" class=\"wp-caption-text\">Intersect.<em> Image courtesy of JLL<\/em><\/p><\/div>\n<p>Hines and its joint venture partner, a global investment management firm, have refinanced Intersect, a 450,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/coronavirus-places-premium-on-healthy-buildings\/\">office campus in Irvine, Calif.<\/a> Acting on behalf of the partnership, JLL Capital Markets arranged a $182 million refinancing deal through MetLife Investment Management.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/financial-services-plans-gradual-return-to-the-office-deloitte\/\">Financial Services Plans Gradual Return to the Office<\/a><\/p>\n<hr>\n<p>The MetLife financing for the four-building Intersect property came in the form of a three-year, interest only loan. JLL&#8217;s Kevin MacKenzie, John Chun and Nick Lench concede in a press release that there were challenges in orchestrating the transaction in the midst of a pandemic; however, the team members cited strong relationships as one of the key elements to the successful closing. As JLL noted in a May 2020 report, <em>&#8220;Despite ample liquidity in debt markets, lenders remain in a phase of \u2018price discovery\u2019 and are focused on asset managing their existing portfolios. This has led to a greater scrutiny over leverage, and an emphasis on experienced sponsors, resilient sectors and strong locations in quoting new deals. Intersect fits the bill.&#8221;<\/em><\/p>\n<p>Located on a 15-acre site in Orange County&#8217;s coveted Airport submarket, Intersect is a creative office campus consisting of Class A buildings carrying the addresses of 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. Hines <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-sees-opportunity-in-irvine-calif\/\">came into possession<\/a> of Intersect in 2015, when the company acquired the former Washington Mutual Campus, then known as Quintana, from Menlo Equities in a $121.5 million transaction. Soon after, Hines commenced a <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-redevelops-oc-office-campus-adds-tenants\/\">$25 million redevelopment program<\/a> and in 2018, reintroduced Intersect as a next-generation office campus designed to support a balance of collaborative work and wellness. New features include indoor and outdoor workspaces and the list of notable amenities encompasses everything from a game pavilion and an outdoor yoga lawn to a shipping container, beer garden and a bird aviary.<\/p>\n<p>Hines plans to utilize the majority of the proceeds from the loan to repay the balance of the $144 million <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-jv-refinances-orange-county-office-campus\/\">New York Life Insurance loan<\/a> that the same JLL team arranged in 2018 as executives of HFF before the <a href=\"https:\/\/www.commercialsearch.com\/news\/jll-closes-on-1-8b-acquisition-of-hff\/\">merger with JLL<\/a>. The remainder of the funds will be directed toward future leasing activity at Intersect, where the occupancy level skyrocketed from 13 percent at the time of the 2015 trade to a post-redevelopment level of 78 percent, 45 percent of which constitutes investment grade tenancies.<\/p>\n<h2><strong>Not-so-shy lenders<\/strong><\/h2>\n<p>JLL has orchestrated a bevy of notable financing deals during the pandemic, including a $185.6 million Freddie Mac refinancing package on behalf of Wealhouse Capital Management and Western Wealth Capital for a 1,439-unit multifamily portfolio in metropolitan Phoenix. And despite the coronavirus-spurred uncertainty, lenders haven&#8217;t shunned big-ticket transactions altogether. CommonWealth Partners and California Public Employees\u2019 Retirement System recently <a href=\"https:\/\/www.commercialsearch.com\/news\/los-angeles-office-complex-lands-550m-loan\/\">obtained a $550 million CMBS loan<\/a>\u2014originated by Morgan Stanley and Goldman Sachs\u2014for the refinancing of the $2.5 million-square-foot City National Plaza mixed-use office complex in Los Angeles.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL Capital Markets orchestrated an interest-only loan through MetLife Investment Management for the Intersect office campus in Irvine, Calif.<\/p>\n","protected":false},"author":969,"featured_media":1004456644,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,21747,34267,15],"tags":[32797,32796,44006,33084,44078],"class_list":["post-1004456587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-office","category-orange-county","category-west","tag-hines","tag-jll","tag-jll-capital-markets","tag-menlo-equities","tag-metlife-investment-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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