{"id":1004548062,"date":"2021-01-28T05:38:00","date_gmt":"2021-01-28T13:38:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004548062"},"modified":"2022-12-07T17:25:16","modified_gmt":"2022-12-08T01:25:16","slug":"drawbridge-realty-completes-149m-refinancing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/drawbridge-realty-completes-149m-refinancing\/","title":{"rendered":"Drawbridge Realty Completes $149M Refinancing"},"content":{"rendered":"
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4 and 5 Polaris Way. Image courtesy of Drawbridge Realty<\/p><\/div>\n

Drawbridge Realty, a San Francisco-based nationwide real estate investment and development company, has completed a $149 million refinancing secured by four office properties that will give the firm additional capital for acquisitions this year.<\/p>\n

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The five-year permanent loan was provided by California Bank & Trust as administrative agent and joint lead arranger, Bank of the West as joint lead arranger and TCF National Bank. Drawbridge has the option to extend the term to seven years. The facility also has an accordion feature allowing Drawbridge to increase the CB&T lending commitment by putting up a fifth property as collateral.<\/p>\n

Drawbridge COO Charlie McEachron said in a prepared statement the additional credit capacity provides the firm with ample dry powder for 2021 acquisitions. Citing strong relationships with each of the lenders, McEachron said Drawbridge was able to secure an attractive low fixed rate for the financing. He noted the options to expand and extend the loan also give the firm opportunity and flexibility during a key time in the market cycle.<\/p>\n

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The loan is secured by four fully leased buildings\u2014three in Southern California and one in Austin, Texas\u2014totaling more than 680,000 square feet.<\/p>\n