A10 Capital Secures $33M for San Diego Office Tower

The company is refinancing a short-term loan that funded Gemini Rosemont’s 2016 acquisition of the only office tower in San Diego’s Little Italy area.
610 West Ash, San Diego
610 West Ash, San Diego

A10 Capital has closed a $33 million loan to refinance the only office tower in San Diego’s Little Italy area. The company is refinancing a short-term loan that funded Gemini Rosemont’s acquisition in 2016.

According to Yardi Matrix, Gemini Rosemont purchased the property a year ago from Equity Office Properties Trust for $55 million. At the time it utilized a $29.5 million loan held by Bank of America. A10 structured its current $33 million financing with a 10-year maturity, including a $2 million rollover reserve for tenant improvements. JLL is leading the leasing effort for the 19-story office property, which is currently 97 percent occupied with 13 tenants, including an international cyber security firm and the General Services Administration.

Located at 610 West Ash, the 177,400-square foot property is 3 miles from San Diego International Airport, and close to I-5 and San Diego’s primary public transit providers. Shopping, hotels, 30-plus restaurants, numerous housing options and parks are within walking distance. The Class A asset was built in 1986 and underwent a cosmetic renovation in 1997. The Energy Star-certified property also includes 2,000 square feet of retail.

Since 2010, Gemini Rosemont has acquired approximately 7.6 million square feet of high-quality office properties valued at approximately $1 billion, including the six-story SouthCourt, a 131,976-square-foot office building in Durham, N.C.

A1 Capital has expanded its origination team to 25 professionals across the country and has just relocated its Dallas-Fort Worth area headquarters to a new location in Irving, Texas.

Image courtesy of Gemini Rosemont