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Lomas Pacific I & II
San Diego, CA | December 2020
Thorofare Capital has funded a $14.4 million bridge loan for the refinance and continued lease-up of Lomas Pacific I & II, a two-building, class B office portfolio in San Diego’s Kearny Mesa sub-market.
At the time of loan origination, the buildings were 79% occupied by a diversified rent roll including a U.S. Navy defense contractor, various law firms and a high concentration of medical tenants.
The Kearny Mesa Office sub-market is one of the strongest in San Diego due to heavy concentration of biomedical and life science users. Kearny Mesa benefits from its central location and easy freeway access.
The current vacancy rate, at the time of loan origination, for Class B office product in Kearny Mesa was 6.8%.
The Sponsor has performed significant CapEx to re-introduce the buildings to the market and maximize value, which has additional upside through achieving market-level occupancy supported by a $1,820,000 TI/LC Holdback included in the loan structure.
The Sponsor is a San Diego-based private investment group with a substantial portfolio of office, retail, multifamily and industrial properties across the Western U.S.