Hines Venture Lands $182M MetLife Loan For Calif. Complex
Law360 (June 15, 2020, 3:45 PM EDT) — A Hines joint venture has landed $182 million in financing from MetLife for a four-building office campus in Irvine, California, according to an announcement Monday from borrower-side broker JLL.
The loan from MetLife Investment Management is for the Intersect office campus, which has a total of 452,060 square feet of space. The borrower venture comprises Hines and an unnamed partner, which Jones Lang LaSalle Inc. described as a “leading global investment management firm.”
The loan is for three years, and the venture will use proceeds to pay off existing debt on the property and fund costs related to future leasing there,…