Hines receives refinancing for Orange County office campus

JLL Capital Markets has arranged a $182 million refinancing for Intersect, a four-building, mid-rise, class A office campus totaling 452,060 square feet in Irvine, Calif.

JLL worked on behalf of the borrower, a joint venture between international real estate firm Hines and a leading global investment management firm, to place the three-year, interest-only financing with MetLife Investment Management. Loan proceeds will be used to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018.

Since the borrower purchased the property, Intersect has undergone a complete renovation with improvements to the interior and exterior to create a vibrant, creative office hub. The transformation took the campus from 13 percent to 78 percent leased at the time of closing, with 45 percent of the tenant roster being investment grade.

Intersect comprises Buildings A, B, C and D, located at 17875 and 17877 Von Karman