Newmark Arranges $16.5 Million Loan to Refinance CAVU Creative Office Business Park in Irvine, California

January 17, 2024 9:00 AM

Newmark[1] announces it has arranged a $16.5 million loan to facilitate the refinance of CAVU Business Park in Irvine, California, comprising 100,000 square feet across two four-story office buildings. Newmark Managing Director Brian Bowis led the refinancing effort on behalf of Camphor Partners.

Located at 18872 and 18952 Macarthur Boulevard, CAVU recently underwent a complete overhaul of building infrastructure including new elevator cabs, HVAC systems and common areas. All floors in both buildings feature new creative speculative suites with glass panels, hard ductwork and stainless-steel appliances, attracting full occupancy within 13 months from delivery.

“We were pleased to find a lender who understood the value of this property in the midst of a challenging financing environment for office buildings,” said Bowis. “With the recent improvements at CAVU, the building has maintained 100% occupancy since the pandemic, demonstrating the demand for quality office product in centrally located Irvine locations.”

Newmark Managing Directors Richard Sung and Andrew Robben handle the leasing of the property.

[1] Dba Newmark Knight Frank in California

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Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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