{"id":1004674981,"date":"2023-08-03T05:53:57","date_gmt":"2023-08-03T13:53:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004674981"},"modified":"2023-08-08T10:44:52","modified_gmt":"2023-08-08T18:44:52","slug":"kilroy-lands-375m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kilroy-lands-375m-loan\/","title":{"rendered":"Kilroy Lands $375M Loan"},"content":{"rendered":"
\"One<\/a>

The entire One Paseo campus occupies 36 acres in San Diego’s Del Mar submarket. Image courtesy of JLL<\/em><\/p><\/div>\n

Kilroy Realty Corp. <\/strong>has obtained a $375 million loan from New York Life Insurance Co.<\/strong>, secured by part of the company\u2019s One Paseo mixed-use property in San Diego. JLL <\/strong>arranged the 11-year, interest-only note at a 5.9 percent fixed rate. Proceeds will serve general corporate purposes and development funding, as well as the company\u2019s December 2024 unsecured bond maturity.<\/p>\n

Allen Matkins <\/strong>advised Kilroy in the transaction. The law firm was also recently instrumental in negotiating a 206,000-square-foot office lease in Los Angeles<\/a>\u2019 Century City.<\/p>\n

As of June, Kilroy’s portfolio amounted to 16.2 million square feet of office and life science space located in San Diego, Greater Los Angeles, the Bay Area, the Pacific Northwest and Austin, Texas. One of the firm’s properties, a 656,000-square-foot life science facility in South San Francisco<\/a>, came online last year as the largest office delivery in the metro.<\/p>\n

One Paseo, up close<\/h2>\n

Occupying 36 acres in the Del Mar submarket, One Paseo encompasses roughly 1.4 million square feet of office, retail and residential space. The LEED Gold-certified office component totals some 600,000 square feet across five buildings.<\/p>\n

The 23-acre section serving as collateral for the current financing comprises two office buildings and 95,000 square feet of retail space, along with 608 residential units. Its components came online in phases, between 2019 and 2021.<\/p>\n

The two office buildings rise four and six stories, spanning a combined 286,000 square feet, CommercialEdge data shows. Tenants include Bank of America, Cushman & Wakefield, JP Morgan Chase and McCarthy Building Cos.<\/a>, according to the same source.<\/p>\n

Located at 3275 Del Mar Heights Road, the property is just east of Interstate 5, roughly 19 miles north of downtown San Diego. The campus is across from Del Mar Highlands Town Center shopping mall.<\/p>\n

JLL Directors Charlie Vorsheck and Samuel Godfrey, along with Senior Managing Director Greg Brown, led the Capital Markets Advisory team that arranged the financing.<\/p>\n","protected":false},"excerpt":{"rendered":"

A portion of the company\u2019s 1.4 million-square-foot One Paseo property serves as collateral. <\/p>\n","protected":false},"author":3120,"featured_media":1004674984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21752,21742,1608,15],"tags":[37086,32796,33134,36276],"class_list":["post-1004674981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-mixed-use","category-latest","category-san-diego","category-west","tag-allen-matkins","tag-jll","tag-kilroy-realty-corporation","tag-new-york-life-insurance-company"],"acf":[],"yoast_head":"\nKilroy Lands $375M Loan - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Kilroy Realty Corp. has obtained a $375 million loan from New York Life Insurance Co., secured by the company\u2019s One Paseo mixed-use property.\" \/>\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\/kilroy-lands-375m-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kilroy Lands $375M Loan\" \/>\n<meta property=\"og:description\" content=\"Kilroy Realty Corp. has obtained a $375 million loan from New York Life Insurance Co., secured by the company\u2019s One Paseo mixed-use property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kilroy-lands-375m-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-03T13:53:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-08T18:44:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/One-Paseo-e1691066202838.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kilroy-lands-375m-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kilroy-lands-375m-loan\/\",\"name\":\"Kilroy Lands $375M Loan - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kilroy-lands-375m-loan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kilroy-lands-375m-loan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/One-Paseo-e1691066202838.png\",\"datePublished\":\"2023-08-03T13:53:57+00:00\",\"dateModified\":\"2023-08-08T18:44:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"Kilroy Realty Corp. has obtained a $375 million loan from New York Life Insurance Co., secured by the company\u2019s One Paseo mixed-use property.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kilroy-lands-375m-loan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/kilroy-lands-375m-loan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kilroy-lands-375m-loan\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/One-Paseo-e1691066202838.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/One-Paseo-e1691066202838.png\",\"width\":800,\"height\":600,\"caption\":\"The entire One Paseo Campus occupies 36 acres in the metro's Del Mar submarket. 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