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Owners of Downtown San Diego's 600 B St tower, New York-based Angelo, Gordon & Co and Dallas-based Lincoln Property Co, have secured a $53M senior loan from Pacific Coast Capital Partners (PCCP) to replace the existing loan and fund building improvements. Eastdil Secured, an LA-based real estate investment banking firm, arranged the loan.
The owners plan to use part of the funds to renovate the building’s common areas and amenities and lease up empty space, according to the San Diego Business Journal. The property is 65% leased, with the San Diego Union-Tribune signing a 15-year lease for four floors. The newspaper will move there from Mission Valley in May. The building was built in 1970 as the Great American Bank HQ.
Angelo, Gordon & Co is a privately held investment firm with assets valued at $27B, and Lincoln Property oversees assets valued at $26.5B. PCCP, which has offices in LA, New York and San Francisco, manages about $5.5B in assets on behalf of institutional investors. [SDBJ]
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