JLL Capital Markets successfully arranged an $82.46 million refinancing for Sunroad Centrum Office Tower, a premier 11-story office building located at 8620 Spectrum Center Blvd in San Diego’s Kearney Mesa submarket. The Class A property spans over 274,758 square feet and was originally constructed in 2008.
The borrower, Sunroad Enterprises, worked closely with the JLL Debt Advisory team led by senior managing directors Aldon Cole and Tim Wright along with VP Bharat Madan to secure a five-year fixed-rate senior loan through Goldman Sachs.
Despite facing challenges due to Bridgepoint Education vacating the entire building upon lease expiration in 2020, Sunroad invested $30 million into re-tenanting efforts which resulted in achieving full occupancy at closing.
According to Dan Feldman, President of Sunroad Enterprises,”the successful leasing and refinancing of this property is a testament to its prime location and top-notch amenities as well as the collaborative efforts between our brokers,d esigners,and architects alongside our capital markets team.” This achievement also highlights the financial stability of tenants within the building’s portfolio which ultimately attracted Goldman Sachs as their finance partner.
