Barings, one of the world’s leading investment managers, today announced it has provided a $48.3 million mortgage to finance the purchase of an office property in Burbank, California.
A joint venture between Pendulum Property Partners and Long Wharf Capital is acquiring The Link, a 125,000 square foot 7-story office property, located in one of the nation’s strongest office markets.
“We are excited to close on an acquisition financing of a high quality office building in one of the country’s best office submarkets,” said Jack Cheng, Barings Originations for Western U.S. “We believe that the strong sponsorship consisting of Pendulum Property Partners and Long Wharf Capital will be able to execute their business plan in an ever tightening, high demand office market.”
The mortgage from Barings, with a five-year term, closed in conjunction with the acquisition and includes funding for TI/LC and some slight capital work.
Newmark Knight Frank advised the sellers on the property transaction as well as helped the partnership line up the financing.
The Link is located at 2901 W Alameda and is situated in close proximity to the Warner Brothers’ headquarters and Disney. Most of the tenants in the property provide post production services to all the major studios.
SOURCE: PRNewswire