Fenway Capital Lands Refi for San Diego Office Property
- Dec 13, 2018
Fenway Capital Advisors has secured $8.3 million to refinance Pacific View Center in Solana Beach, Calif. A CBRE Capital Markets’ Debt & Structured Finance team arranged the loan through a life insurance company. The new financing will go towards providing future funds for tenant improvements.
Located at 674 Via De La Valle, the multi-tenant office building comprises three stories totaling 20,415 rentable square feet. Fenway recently implemented a capital improvement program on the property, which included upgrades such as a new facade and windows, enhanced landscaping, bike racks, showers and lockers, a new lobby and corridors, upgraded patio areas, surfboard storage and a new conference room.
The CBRE team included Senior Vice President Mark McGovern, Executive Vice President Scott Peterson and Senior Production Analyst Brian Cruz.
“Pacific View Center is a high-quality office project, which enjoys a very accessible location as well as spectacular views of the ocean and the Del Mar Racetrack,” said McGovern, in a prepared statement. “When the renovations are completed, the office building will represent a new upscale standard for the community,” Peterson added.
The building is situated in the Solana Beach/Del Mar submarket, within close proximity to the Pacific Ocean, Interstate 5 and the Solana Beach train station. In October, the same team arranged a $23.9 million acquisition loan on behalf of a joint venture between Fenway Capital Advisors and Iron Point Partners for its purchase of Camelback Arboleda, an office property in Phoenix.
Image courtesy of CBRE