CBRE’s Capital Markets’ Debt & Structured Finance team has arranged a $44.75 million loan for the refinance of Manchester Financial Centre, a 160,000-square-foot, iconic office property in San Diego, California on behalf of Manchester Financial Group.
Mark McGovern, Scott Peterson and Brian Cruz of CBRE’s San Diego office arranged the ten-year fixed rate loan on behalf of the borrower.
“Since acquisition, Manchester has instituted a capital expense program to continuously upgrade the property including a new and upgraded façade and entrance, new lobby finishes and places to gather, and new creative tenant buildouts for prospective companies,” said Mr. McGovern. “The building successfully competes with other local and downtown projects due to its unobstructed views of the bay, higher parking count and convenient access to downtown San Diego.
Originally built in1965, the storied 12-story building houses Bertrand at Mister A’s fine dining restaurant and is the headquarters for Manchester Financial Group, located at 2550 Fifth Ave, in the submarket of Bankers Hill in San Diego. Other amenities include a fitness center, on-site coffee shop, valet parking, storage and bike racks.
Founded in 1970, Manchester Financial Group is headquartered in San Diego, California and has been an integral part of San Diego’s evolving convention, tourism and hospitality landscape. The company specializes in and focuses on hotel and commercial property development. Manchester Financial Group and its subsidiaries have been instrumental in developing downtown San Diego's waterfront, paving the way for the city of San Diego's burgeoning convention industry, while also founding two banks and establishing an extensive and diverse investment portfolio. Other landmark properties include the Manchester Grand Hyatt San Diego, the San Diego Marriott Marquis & Marina, the Fairmont Grand Del Mar and the Fairmont Austin (the largest hotel in Austin).
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
