NorthMarq Capital San Francisco arranges $25.15 million bridge loan for Oberlin Tech in San Diego, California

SAN FRANCISCO (October 3, 2018) – Dennis Williams, senior vice president/managing director and Briana Harney, senior investment analyst of NorthMarq Capital’s San Francisco regional office, arranged the $25.15 million refinance for Oberlin Tech, a 105,565 sq. ft. life science and office property located at 5555, 5601, 5626 and 5627 Oberlin Drive in San Diego, California. The transaction was structured with a 2-year interest-only term. NorthMarq arranged financing for the borrowers, Harbert Management Corporation and Cypress Office Properties, through its relationship with a bridge/mezzanine lender. 

Harbert Management Corporation (“HMC”) is a Birmingham based alternative asset management firm with approximately $5.9 billion in assets under management as of February 2018. HMC has been an active developer, manager and investor in office properties throughout the United States for over thirty years and is currently investing its sixth U.S. focused value‐add fund.

Based in San Diego, California, Cypress Office Properties is a real estate investment and advisory firm specializing in the acquisition, asset management and repositioning of office, R&D and life science properties. HMC and Cypress have joint ventured on five transactions in the Phoenix, San Diego and Orange County markets. 

“HMC and Cypress acquired Oberlin Tech in 2016 and have successfully repositioned the property to primarily life sciences uses,” explained Williams. “The new loan allowed the borrower to refinance their existing debt on the property and will fund current and future capital expenditures, ultimately enabling the borrower to complete their business plan.”