$28,000,000 | Newport National Corporation


Property: Summit Pointe
Location: San Diego, CA
Description: 150,000 square foot class A office building with future development opportunity on the 20.95-acre site.
Loan Type: Bridge Acquisition Loan
Lender: Debt Fund

Client Benefits:

  • Tenant improvement, leasing commission, and interest reserve to support re-tenanting and stabilization of the property
  • Partial release allowing for flexibility in realizing additional development
  • Extension option to maximize time to execute the value add strategy
  • IO payments to maximize cash flow
  • No prepayment penalty or exit fee