Lincoln Property, Alcion Ventures secure $141.6m loan for office campus in California
July 13, 2017 – Lincoln Property Company and Alcion Ventures have secured $141.6m construction loan to develop the first phase of their planned creative office campus in Tustin, California.
The financing on behalf of the project developer was arranged by Holliday Fenoglio Fowler from iStar and Acore Capital, a commercial real estate finance company.
Dubbed Flight at Tustin Legacy, the new office will cover an area of 470,000 sq ft.
The new office, designed with unique, hangar-inspired architecture, is being developed on the 1,600-acre site of a former Marine Corps air station in Orange County.
Amenities at the office include a 12,000 sq ft food hall, and a 7,000 sq ft conference centre, which will serve an untapped need for collaborative space that can be used by tenants or third parties.
HFF said that the project will be the first purpose-built creative office campuses of its kind in the entire county. Phase II of the development will be able to accommodate an additional 550,000 rentable square feet of creative office space in future.
Construction on the project is anticipated to be completed in early 2019.