Sunday, October 24, 2010
SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $9.75 million refinancing for four mixed-use properties in San Diego’s Gaslamp Quarter (top left photo).
HFF associate director Patrick Burger and senior managing director Tim Wright (middle right photo) worked exclusively on behalf of the borrower, Burni Enterprises, and its asset manager, Cardinal Group Investments, LLC, to secure the three-year, adjustable-rate, non-recourse loan through a major New York-based debt fund.
Loan proceeds are retiring existing debt on the property in addition to funding the conversion of two assets to retail and residential loft uses.
The portfolio totals 48,065 square feet and includes retail, residential loft, office and specialty-use space along 4th and 5th Avenue in the historic Gaslamp Quarter of San Diego.
"This financing is part of a larger portfolio recapitalization and will enable the borrower to maximize the value of these trophy assets and of their portfolio," said Burger.
Burni Enterprises is a private real estate investor that has been investing in San Diego for more than 30 years.
Cardinal Group Investments, LLC is a full-service real estate investment, development and management firm specializing in opportunistic and value-added investments throughout the United States.
Patrick M. Burger, HFF Associate director, 858-552-7690, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, 713-852-3500, email@example.com